Friday, June 18, 2010

Fresh economic worries trigger rush into gold

Oh how the establishment hates it, and they're attacking anyone who advocates gold as a hedge against dollar inflation or, worse - *GASP* - that it not be used as an investment at all, but as actual money. What a bunch of quacks they are. What's wrong with the dollar?

Incidentally, if you want my humble opinion, skip the gold and buy food, water, seeds, guns and ammo, and invest in off the grid technologies - atmospheric water generators, water filters, and alternative energy.

    Reuters -

    Gold bullion came just short of its all-time high and U.S. gold futures ran up to their highest close ever on Thursday on both concern over Europe's credit problems and downbeat U.S. data which encouraged a fresh sweep into safe-haven assets.

    Euro strength also propelled gold's advance after European ministers jointly backed the publication of so-called bank "stress tests," along with a successful Spanish bond auction.

    Spot gold advanced to $1,244.45 an ounce by 2:29 a.m. EDT from $1,229.60 an ounce late Wednesday. Its session high reached $1,250.65 an ounce, just short of its all-time peak at $1,251.20 hit on June 8.

    U.S. gold futures for August delivery surged $18.20 to finish at $1,248.70 an ounce, its highest close on record.

Read it all.