Gold Tops $1,500

[chefdennis]

A while back a member here said that when gold hit $1500 an oz..the dollar was in big trouble...Another member, in his expert opinion said that Gold would never get to $1500..Well it hit that all time high mark when S&P busted on the American debt and posssible lowering of the countries Credit rating....so we will have to see just how big of a hit the dollar takes as inflation starts moving ahead, the budget fight starts and the debt under barry continues to climb as he cotinues to yell for tax increases....


Gold Tops $1,500 on Outlook for Escalating U.S. Debt, Dollar

By Kyoungwha Kim and Pham-Duy Nguyen -
Apr 19, 2011 12:45 PM ET
Gold Tops $1,500 on Outlook for Escalating U.S. Debt, Dollar - Bloomberg

(Corrects year in sixth paragraph.)

Gold futures rose to a record $1,500.50 an ounce as U.S. debt concerns weighed on the dollar, boosting demand for the precious metal as an alternative investment.

The greenback dropped against a basket of six currencies following Standard & Poor’s revision yesterday of its long-term rating of U.S. debt to negative from stable.

“Investors are shocked and flocking to gold as the downgrade threw a cold blanket over the dollar,” said Lim Chae Myung, a Seoul-based trader at Hyundai Futures Co. “The bullish trend becomes pronounced as more and more people get out of the dollar to buy hard assets.”

Gold futures for June delivery rose $2.40, or 0.2 percent, to $1,495.30 at 12:33 p.m. on the Comex in New York after reaching the record.

Gold for immediately delivery rose as much as 0.3 percent to an all-time high of $1,499.32 before erasing gains.

Before today, futures climbed 31 percent in the past year. Lim said the metal will reach $1,600 in 2011.

Gold has gained every year since 2001 on increased investment demand for commodities.

 

[Letzboogie]

It's true. Your paper money is worthless. Send it to me and I'll dispose of it for you.

 

[layoutshooter]

It's true. Your paper money is worthless. Send it to me and I'll dispose of it for you.

You are not allowed to dispose of money. The EPA has banned disposing of money and have required the IRS to collect all of it from everyone.

 

[jpalmer]

I was gonna start another thread on this. But saw this one...lol

I found a gold necklace in my closet last week. I know its pure. I got it when i went to prom in high school..

How much do you guys think i could get for it?