Gold hits record on safe-haven demand

[nejifan1234]

http://money.ca.msn.com/investing/news/breaking-news/article.aspx?cp-documentid=24616291

Did anyone saw this coming?, Don't you wish you would have bought in when it was below $1000.00 less than a year ago.

LONDON (Reuters) - Gold rallied to a record high above $1,260 an ounce on Friday as momentum triggered by buying of the metal as a haven from sovereign and financial risk pushed prices through technical resistance.

 

[vinslave]

Info for the members. In January 2007 was selling for $640.00

When people buy gold, many seem to have the misconception that the US dollar is backed by gold. Well ... it used to be. The US currency, like many other currencies at the time, was backed by physical gold kept in Fort Knox and other places.

In 1933 the US abandoned the Gold standard along with many other nations, such as Italy in '34, Belgium in '35 and others during the 1930s. Switzerland was one of the last countries to drop the gold standard and this was done in 1999 by the approval of a new constitution that eliminated the traditional requirement for the country's currency to be backed by gold.

 

[allies (lol)]

1 once of Gold = 5, 1 hour sessions at Sassy. time to cash in mine. :happy:

 

[reitakitty]

grrrr...three weeks ago I stared at the ceiling for half the night trying to decide if I thought it was gonna keep going up, should I buy some?

Now I'm having the conversation in my head all over again. How much higher will it go?

 

[Pompal 09.]

Every time it hits a new high they say no, who knows now its quite steep for me right now.

 

[ColeT]

Those that have gold stock, would you sell them now?.

 

[Confusing123]

I wouldn't but then again don't listen to me as have made some bad stock buying during my years. Any brokers here?.

 

[NatalieBeauty]

http://www.moneyweb.com/mw/view/mw/en/page292681?oid=310923&sn=2009+Detail+no+image&pid=292681

 

[Kyrix]

Thanks LW, good article to read.