Gold powered through $940 today – its highest levels since July ’08.
I also noticed that the Gold ETF (GLD) has traded more than 50 million shares today – it’s biggest volume day since Sept 17 and 18, 2008, the week Lehman went bankrupt and the government bailed out AIG.
Disclosure: Top Gun is long the Gold ETF (GLD) and the Market Vectors Gold Miners ETF (GDX).
Gold closed at $695.80 today according to Bloomberg. Peter Grandich, editor of the Grandich Letter, wrote (subscription required): A near perfect storm has aligned both technically and fundamentally for gold. A test of the 2006 highs around $735 is not a…
Gold closed above $700/oz today (Thu 9/6) for the first time since May 2006. In fact, gold has been on a tear for the last month rallying from around $650 (1 year chart). As people anticipate a rate cut, which…
“The market is convinced that the dollar will go down after a Fed Funds interest rate cut.” “There is little doubt that gold is now here to stay above $700 and the market is reflecting it.” – Julian Phillips, Analyst,…
The gold market “is telling us that the Federal Reserve has no inflation fighting credibility.” – Ralph Preston, Account Executive, Heritage West Financial “Foreign investors would be foolish to buy US investments knowing that the value of the dollar will decline.”…
The stock market is certainly acting well. This morning KB Homes (KBH) announced another ugly quarter. New home sales were down 21% from last August and the median price was 7.5% lower. The S&P is up 6 points to 1531…
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…