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Gold, Silver, U.S. Dollar

Gold near $1,800 after biggest 3-day rally EVER! Get Some Before It Jump to $2,500!

Gold hit a record high on Tuesday in its biggest three-day rally since the  depths of the financial crisis in 2008, as investor fears over the threat to the  global economy from the European and U.S. debt crises hit assets seen as higher  risk.

Though spot prices retreated from highs as stock markets opened higher in the  United States, they remained up 1.4 percent on the day at $1,739.60 an ounce at  9:42 a.m. EDT, having earlier peaked at $1,778.29.

“The short run uptrend is intact,” said VTB Capital analyst Andrey  Kryuchenkov. “Panic dominates for now and even though we have rebounded a bit on  the broader market, people will still fear liquidating substantial gold  longs.”

The price of gold hit a record high this week, climbing to over $1,700 an ounce. With panic rising and the stock market falling, some people are considering investing in gold or moving funds from the volatile market into gold.

Is the price enough to drive you to  the pawn shop? We want to know: have you or are you planning to sell any  gold? Have you thought about digging through an old drawer or jewelry box for gold to sell? What will you do with the money?

Gold has risen by about 7 percent this month, driven by flows of cash out of  equities, bonds and currencies, after the United States lost its top-notch  credit rating.

The US dollar ticked down against major currencies following the release of Fed’s rate decision at 2:15 pm ET Tuesday. The Federal Open Market Committee or FOMC , Fed’s policy making arm, maintained its key interest rate unchanged at between 0.00 percent to 0.25 percent. Presently, the greenback is trading near 1.6266 versus the British pound, 1.4295 against the euro, 0.7187 versus the Swiss franc and 76.97 versus the Japanese yen.

The Best investment right now is GOLD!  Buy and HOLD!



2 thoughts on “Gold near $1,800 after biggest 3-day rally EVER! Get Some Before It Jump to $2,500!

  1. Excellent thoughts

    Posted by hotshot bald cop | August 30, 2011, 2:14 pm

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