Gold futures Thursday at $739.90/oz accelerated gains to finish higher in New York on Thursday, revved up by a weak fiatzdollar and near-record crude prices to extend their rally but balking at challenging last week's highs. With the fiatzdollar being down yet again, that's the major impetus to Gold today. The fact that (the fiatz-dollar) touched a new intraday - record low -
is giving people the idea that the precious metals are likely to have the winds at their back going forward, said Patrick Fearon, precious metals analyst at A.G. Edwards and Sons in St. Louis.
Fearon said that the exceptionally higher oil prices were also helping Gold.
U.S. crude surged more than 3 percent to above $83 a barrel in afternoon trading, while London Brent crude also set a record high.
The euro-fiatz reached a new high of $1.4189 as the greenback lost more ground on expectations that the Federal Reserve would continue lowering U.S. interest rates to deal with the mortgage crisis and the slowdown in the economy....
Naturally then, such a trend must necessarily benefit Gold -
What is cash worth in hyper-inflation?
Ex: Prior to the Hyper-Inflation in Germany in the 20s,,a German worker retired with $60,000 and a pension. After the hyper-inflation got going the bank sent him a check for the $60,000 with a letter saying his acct was to small to handle. The stamp on the letter?... $100,000
Play it safe and stay in Gold mining -
Politicians can't stand seeing the value of their own home dropping ever month,,,, they will stimulate and when that doesn't work they will stimulate some more, again and again and again---until we go over the cliff into hyper-inflation.
Got NXG Gold Mines Safety - The Largest Gold Producer in BC - The lowest cost Gold Producer in the mining industry - http://www.northgateminerals.com Imo. Tia. God Bless
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