Gold $1500?

At least $1500. It's really sad, all of these stock market junkies brainwashed on the bubble mentality of the last 15 years, thinking this spike in gold is, I dunno, kinda cute maybe, and interesting, but not really that important. Maybe they'll buy some more, but not too much, you know, because gold never stays this high, and the stock market always goes up up up. And they laugh at me - my own dad even - when I say dump everything they have into gold, and take physical possession of it, because, I don't know, I'm just a regular guy, and all those "experts" on cable - the same ones in 2007 who said the economy was better than ever, predicting perpetual growth and prosperity - are telling them to stay away from gold, invest in the market, we've hit the bottom, blah blah blah. And they're all lying, because they're all bought and paid for by the Fed, or come from a school of economics that promoted by the Fed. It's one of the drawbacks of libertarianism - this Cassandra curse we have, to know the future and not have anyone believe us. Only we don't know the future because of some supernatural foresight, we just understand sound money, which is a very simple concept, unlike the complex and intimidating mathematical models of Keynesianism that invariably always lead to failure, because that's what it's designed to do.

Financial Times -

Gold prices continued to surge on Wednesday, hitting a fresh record close to $1,050 a troy ounce as investors bet that trading momentum would push the precious metal still higher.

Barclays Capital said gold prices, which have risen 10.3 per cent since the end of August, could run to as high as $1,500 an ounce if previous technical trading patterns were extrapolated.

“We believe gold has a significant upside potential into 2010,” the bank said, adding current prices “were off the charts”. In spite of a 40 per cent rally in gold prices since Lehman Brothers collapsed a year ago, few traders appeared to be taking profits or betting on a price fall.

“The selling is not materialising,” said James Steel, a precious metal analyst at HSBC in New York, echoing a view held by other analysts and traders.

Jon Spall, gold specialist at Barclays Capital in London, added: “No one is saying ‘this is enough, let’s sell’.”

The reluctance to sell is in spite of mounting worries about a sharp drop in jewellery demand in India – the world’s largest buyer of gold – Turkey, United Arab Emirates and Italy.

Jim Rogers, the Singapore-based investor who has been one of the biggest bulls during this decade’s commodities rally, said that he would refrain from buying gold at a record high, but added that he was not betting against a drop in prices.

He told Reuters: “I cannot say what will happen to gold tomorrow. But if you ask me whether gold will go up in the long term... would say yes.”