U.S. gold hits $1,000 record high

[jordi_fanclub]

Source: Reuters via Yahoo

NEW YORK (Reuters) - U.S. gold futures rallied to a record high of $1,000 an ounce on Thursday, fueled by a combination of a weakening dollar, strong investment demand and inflation fears due to rising crude oil prices.

Read more: http://news.yahoo.com/s/nm/20080313/bs_nm/markets_gold_dc

[baldguy]

1. It means the economy is booming!

Really!

[Kelvin Mace]

2. BS number

As I have said MANY times before. Adjusted for inflation, gold was over $2,000 in 1981.

[pnwmom]

4. It does show how much the dollar has dropped against other currencies.

And the economy was also in lousy shape in 1981.

[Pab Sungenis]

7. True, but

the 1981 number was also artificially inflated by the Hunt Brothers' attempt to corner the silver market, which also sent gold prices shooting up higher than they would have under normal economic forces.

I think it's safe to say that with record gasoline prices and record or near record gold prices, the economy today is worse than it's been since the Great Depression.

[Kelvin Mace]

12. The economy is a shambles

but gold is a sucky indicator. Even if you factor in the Hunt brothers, gold was still trading around $2000.

[Art_from_Ark]

13. It wasn't really "trading" around the $850 level in early 1980

It was a momentary blip, with few buyers and many would-be sellers.

Another way you can look at this is,
If gold had merely kept abreast of inflation since the enactment of the Gold Standard Act of 1900, then the price of gold would be a little more than $500 today.

[emad]

3. How to bankrupt a superpower.....

Wage a pointless multi-trillion-dollar war, watch investors pile in to gold, oil and foreign property and blame it all on the markets.

[Ordr]

5. Back to the gold-standard, baby!

(mostly sarcastic)

[reggie the dog]

6. It seem like just a few years ago

An ounce of gold was around 400 dollars, and an ounce of good weed was the same. Now in Chicago and ounce of good weed is 300 dollars and gold is 1,000.....

[underpants]

8. See, you never seen them mention that on CNBC

:rofl:

[underpants]

9. and the bees are dying off

All signs are UP!

[Doctor_J]

10. grrr. 6 months ago i thought it was "too late" to buy gold

and 6 months before that, too.

[Art_from_Ark]

14. Don't feel bad

A couple of years ago, I thought gold had peaked, and I had been keeping abreast of the gold market for most of 40 years

[Hersheygirl]

11. Yipee

I just made a couple hundred bucks.:toast: :toast: :toast: :bounce: