Gold Blows Through $800 – Highest Level in 27 Years

November 3, 2007 at 2:13 pm  ·  Category: Foreign Exchange, Gold

Gold blasted through $800/oz on Friday to close at $808.50 on the NYMEX. 

That’s the highest level since January 1980 and close to the all time closing high of $825.50 set on January 21, 1980.

But don’t worry about inflation which is only running at 2.1%

Good Lord does anybody actually believe that? 

Does anybody think that the actual cost of the things they buy on a daily basis is increasing at a rate of 2.1% a year?

Don’t you see that it’s in the governments interest to tell you that inflation is low, that everything is fine, so that you think well of them and so that they can continue to print money and spend it on every imaginable thing? 

This lets them steal from us the people by watering down the value of our earnings and savings by printing money and carry on the pretense that they’re not doing it! 

Puhhhhh-lease!

Don’t believe me?

Check out these charts of the $/Euro, $/Pound and $/Canadian $.

Notice how they all start kicking the dollar’s butt around 2001? 

Do you think it’s any coincidence that that’s when Greenspan started cutting interest rates all the way down to 1% and held them there until the middle of 2004, trying to inflate his way out of the mess he created (Fed Funds Chart 1995 – Present).

Is it a surprise that that’s when gold started moving up from under $300?

Posted by Greg Feirman  ·  Trackback URL  ·  Link
 

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