Gold heads for largest yearly rise in 3 decades

http://www.signonsandiego.com/news/business/20071231-0614-markets-precious.html

LONDON – Gold was on track for its biggest yearly gain since 1979, with prices hovering on Monday about $10 an ounce away from its historic highs.

It has jumped more than 30 percent this year as a slide in the dollar, record high oil prices, credit market turmoil, falling U.S. interest rates and geopolitical tension helped to increase its safe-haven appeal.

“For gold, this marks the sixth consecutive year of positive returns and consequently represents the longest gold price rally in history,” Deutsche Bank said.

In the past days, the metal gained on speculative buying driven by dollar weakness and tensions in Pakistan following the assassination of opposition leader Benazir Bhutto.

“Certainly we are looking for a test of $850 very early in 2008. All the supportive factors are still there. The dollar is very much under pressure and we have got geopolitical tensions,” said James Moore, precious metals analyst at TheBullionDesk.com.
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And the Dollar falls again
Thanks to Bush and Republican Congress

same shit different scammers

the usd is down baby and gonna go down further and further...

if you cant afford gold go for silver...


www.moneyasdebt.net

and

www.freedomtofascism.com

seriously that is very cool not many can do that these days.

but what if you need bread (food is rising at 20%)
gas (rising 17%)
or other small stuff....

gonna sell your house for groceries?


real estate is great stuff but its big, sinking and people are realizing they cant afford it. Metals gives another chance to hold buying power in a sinking economy.

lots of people loss their homes because they couldn't pay the taxes in the Depression

One of the guys they just arrested claimed he was a time traveller from the future.

So Det. Ron Harris pulls the guy aside and says in a quiet voice, "So, what should I invest in to get rich in the future? Gold?"

Then the time traveller guy whispers in his ear, "Zinc".

So, Harris calls his broker to convert all his gold assets and the conversation goes like this:

"...no, no blue chips,either...I was thinking about Zinc! (pause) Yeah, Zinc! What's it goin for
these days? (writing the figure on a notepad)...Thirty seven and a half
cents---a POUND?? (The "Professor" gives Harris an encouraging nod)...Yeah, well, I might be willin' to spring for a coupla TONS!"

and Zinc is going for about $1.06 a pound right now. Given inflation and the devaluing of the dollar, that wouldn't have been very prudent (if $.37 1/2 per pound was the right price at the time).

However, Gold would have been worse. It was going for $560/ounce back in Jan 1980, and is only $837 or so an ounce now. Of course, in Jan, 1980, Gold had just completed a huge run up from which is has never really recovered (using constant dollars).

Our friend's Dad was "urging" us to buy some. We got burned in the Internet bubble in 2000 and politely declined. :shrug:

as they say.