Gold hit another all-time high again today.

[Nick Gromicko]

Onwards and upwards!

[Michael Larson]

Originally Posted by gromicko

Onwards and upwards!

Unfortunaetely this is a very bad sign for the world economy in general.

People are running to the presumed "safety" of gold.

Everything is beginning to come crashing down about our ears.

The fools in Washington actually believed they would avert disaster by passing this latest sham bill claiming to cut spending(that doesn't) and raising the debt ceiling.

When will we find enough people that refuse to believe their lies and begin to hold them accountable.

Buckle up friends , the road ahead is not pretty.

[Nick Gromicko]

I don't believe they are running to gold as a safe haven from a bad economy. That's now why so many are buying gold (including recently, the S. Korean government).

[Michael Larson]

Originally Posted by gromicko

I don't believe they are running to gold as a safe haven from a bad economy. That's now why so many are buying gold (including recently, the S. Korean government).

You confuse me Nick.

What else would it be?

There is no reason to buy Gold if you think other assets are safe.

They think the rest will decrease in value so they are making the bet that Gold will increase or stay stable.

[Nick Gromicko]

You confuse me Nick.

What else would it be?

There is no reason to buy Gold if you think other assets are safe.

They think the rest will decrease in value so they are making the bet that Gold will increase or stay stable.

I personally don't believe so. Other assets are going up too, so it isn't a run from one asset class to another IMHO. And it isn't fear of a slow economy either.

[Michael Larson]

No it's fear of a world economic collapse.

Europe was in melt down mode today.

The US market had it's biggest one day loss in months and is now back to January levels.

Will it bounce?

Who knows. Remember 2008 after Lehman Bros?

The point is they haven't fixed anything and the market is calling their bluff.

[Nick Gromicko]

I don't think so. I don't think the price of gold has anything to do with the economy. I know... I sound wack.

[Michael Larson]

Originally Posted by gromicko

I don't think so. I don't think the price of gold has anything to do with the economy. I know... I sound wack.

Gold is a fear metal.

People and governments are afraid and buying gold.

Look at Gold priced in Euros. That's fear.

[Nick Gromicko]

But not fear of other assets dropping in price or the economy being weak IMHO.

[Nick Gromicko]

Gold prices have nothing to do with fear or the economy. Nothing. I know, I sound crazy, but you heard it here first.

The reason gold is going so high is that central banks around the world are switching from using the U.S. dollar as their reserve currency... to gold.

That trend isn't going to change, so I don't see a top to gold yet.

[Michael Larson]

Originally Posted by gromicko

Gold prices have nothing to do with fear or the economy. Nothing. I know, I sound crazy, but you heard it here first.

The reason gold is going so high is that central banks around the world are switching from using the U.S. dollar as their reserve currency... to gold.

That trend isn't going to change, so I don't see a top to gold yet.

FEAR of economic collapse as equities crash.

[Nick Gromicko]

Your average person sells gold in a bad economy. I don't think the economy has any effect on the price of gold.

[Michael Larson]

The GOLD market is very small.

[Brian K. Smith]

Originally Posted by gromicko

Your average person sells gold in a bad economy. I don't think the economy has any effect on the price of gold.

Really then why as our economy is going down gold is goin up??? Hummm.....market just went down500+ points gold went up...hummmkind of funny....we are are headed down a very black and dark road..our current Pres....is going to make us crash so hard we have some very hard times a coming imo....get ready!

[Nick Gromicko]

Really then why as our economy is going down gold is goin up???

Gold has nothing to do with the economy. Gold has been going up for the past 10 years straight through the boom and bust. It is my contention that gold has already replaced the dollar as the new reserve currency for the world.