Gold continues record-breaking run
Flashback: Gold price rises to all-time high | Fisk: Nations to hasten demise of dollar in new world order
Graeme Wearden, The Guardian
October 8, 2009
Investors are continuing to move into gold to hedge themselves against the weakness of the dollar
Gold has hit a new all-time high for the third day running, clearing the $1,050 per ounce mark for the first time as the US dollar continued to lose ground in the currency markets.
The spot price of gold reached $1,058.2 this morning, with the futures contract for delivery in December hitting $1,059.6.
Traders said that investors are continuing to move into gold to hedge themselves against the weakness of the dollar. The greenback has been sliding since Tuesday morning, following reports of plans to use a new basket of currencies for oil trading.
Some analysts believe that gold — seen as a safe haven against inflation and economic turmoil — could climb much higher. Yesterday Barclays Capital predicted that it could make “a run at $1,500″.
Today the dollar was at its lowest point for two weeks, measured against a basket of other currencies. It fell to $1.6010 against the pound, while in Hong Kong the central bank was forced to sell HK$2.325bn (£186m) and buy US dollars to prevent the Hong Kong dollar breaking out of its agreed trading band.
Sentiment against the dollar was not helped by the Congressional Budget Office estimating that the US deficit hit a record of $1.4tn (£871bn) for the 2009 fiscal year. This is three times as large as last year’s record of $459bn, and equal to almost 10% of US GDP.
Source | See also under Money: Gold price rises to all-time high | Fisk: Nations to hasten demise of dollar in new world order | Banks balk at new credit card rules | Tight credit new threat to rebound, IMF warns ahead of Istanbul meeting | US dollar set to be eclipsed, World Bank president predicts | Dollar to fall under scrutiny at G20 summit | Credit card debt balloons | IMF approves $13bn gold sale to boost lending fund | US credit shrinks at Great Depression rate prompting fears of double-dip recession | Canada’s $1-trillion debt baby | Gold regains $1,000 | UN wants new global currency to replace dollar | Gold toys with $1000/oz | China Set to Buy $50 Billion in IMF Notes | Investors dump money market funds | More US Bank Failures and The Coming Deposit Insurance Bailout | Industrial demand for silver sharpens bullish view | Underwhelming GDP growth fails to move stocks, loonie | Ottawa plans U.S. dollar bond | A Stock Market Rally Engineered by Government | Central bank of Canada stands ready to inflate currency in response to strong loonie | Credit delinquencies up 24% in June | Derivatives rear their ugly head again: Leveraged ETFs outed | Former NY governor Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’ | Global demand for gold investment soars 38% in past year | Cost Of US Bailout Hits A Whopping $24 Trillion Dollars | Timothy Geithner: travelling bond salesman | Record quarterly profits and bonuses: Goldman Sachs makes out like a bandit on taxpayer’s dime | Fed ‘Independence’ or Fed Secrecy? | Medvedev Unveils “World Currency” Coin At G8 | More Canadians in arrears on credit payments | The search for the mint’s missing gold | China calls anew for super-sovereign currency | Central banks to take off ‘training wheels’ | Congressman Ron Paul Slams Federal Reserve’s New Dictatorial Powers | Central Bank of Canada ‘considering’ regulatory changes, ‘continuous private liquidity creation’ | The next cellphone trick: transferring money | Royal Canadian Mint’s ‘lost’ gold worth a mint | Bullion and Bandits: The Improbable Rise and Fall of E-Gold | No one talking about dumping dollar: China minister | China explores buying $50bn in IMF bonds | Has the Mint’s gold vanished? | Chinese economists deem huge holding of US bonds “risky” as Geithner visits | Soaring loonie adds to anxiety over economy | Economist Warns Fed Will Bring About Zimbabwe Style Hyperinflation | Federal deficit to top $50B | Canadian households $1.3-trillion in debt | Digital Money Forum Pushes For Electronic Currency | Obama signs U.S. credit card reforms into law | Credit card changes benefit families, Flaherty says | Quebec pension fund managers boosted derivatives holdings despite warnings | Leaked 1955 Bilderberg Docs Outline Plan For Single European Currency | Banker at heart of credit crisis leads plan to buoy auto sales | Bank of Canada poised to print money to buy bonds | Credit companies seek to avoid regulation, create global debit system | Congressman: Reckless Spending And Taxation Prolonged Great Depression | Barclays, Lloyd’s, RBS join Goldman-Sachs in the black | Goldman-Sachs to repay TARP loan, resume private operations, bonuses, at “earliest time” possible | Bilderberg chairman: ‘Bilderberg helped create the Euro’ | Financial Rescue Nears US GDP as Pledges Top $12.8 Trillion | US backing for world currency stuns markets | UN & IMF Back Agenda For Global Financial Dictatorship | Geithner Plan Will Rob US Taxpayers: Stiglitz | US unveils P3 plan to monetize debt, nationalize banks | Bank crisis spawns new kind of gold rush | Wall Street’s Big Takeover |Financial Post editor: America’s future at risk of ‘inflationary outburst’ | U.N. panel says world should ditch dollar | IMF poised to print billions of dollars in ‘global quantitative easing’ | G20 officials pledge ‘whatever action necessary’ to revive economy | Mainstream Financial Publication Finally Admits that Austrian Economists Were Right | UK Central Bank begins using ‘new’ money | Central bank tactics pushed to brink | IMF emergency fund is doubled to $500bn, Northern Rock bank granted $14bn bailout | EU backs sweeping new financial rules, more power for IMF | Gold Tops $1,000, First Time Since March as Recession Deepens | Zimbabwe drops state currency monopoly, pegs prices to US dollars | How realistic is a North American currency? | All maxed out? Budget measures would improve credit access | Gold surges past $900 mark | Prominent Economist: Crisis Caused By Government Interventions | Zimbabwe unveils 100 trillion dollar banknote | Bank of England cloaks books, fears of monetary manipulation arise | Canadians starting to save cash, shun debt | Analyst: One Third Of Banks Could Collapse or Merge In 2009 | Banks won’t say where U.S. bailout money going | UK: Bailiffs get power to use force on debtors | IMF Chief Warns Of Riots In Response To Economic Crisis | Bank of Canada ready to monetize distressed equities | The ugly spectre of ‘new Keynesianism’ and the self-appointed Guardians | ‘Outrage’ greets banks’ failure to match rate cut | Mexico to downsize metal in coins to save a few cents | Icelanders storm central bank in protest | UK closer to joining euro, EU commission president says | Iceland turns 90 amid economic ruin, currency freeze | Maybe we should look at Zimbabwe before trying to print our way out of a money crisis | Obama appoints architects of economic collapse, financial globalism to economic team | Paulson, Bernanke defend change of plan: $700-billion now to be given directly to banks | Manipulation Of Gold And Silver Prices Further Exposed | Now the consumer crunch: falling credit limits, rising interest rates | Coming soon to your cellphone: Your credit card via RFID chip | A New World Financial Order: It Better Work This Time | Analysts Predict Hyper-Inflation To Push Gold To $2000, Oil to $300 | Ottawa to pour another $50B into mortgage markets | Bank of Canada adds $8B to credit markets | Fed Hides Destination Of $2 Trillion In Bailout Money | Flaherty lauds Keynesian global ‘economic stimulus’ strategies | Who are the Architects of Economic Collapse? | ‘Smart’ Credit Cards, Pilot Project set the Groundwork for Wireless Credit Wallets | Russian government calls for new World Order | New credit cards may shift unauthorized-transaction liabilities to the holder | IMF may need to “print money”, act as “world’s central bank” as crisis spreads | Greenspan tells Congress he’s shocked by credit crunch | Ottawa to guarantee interbank lending | Globalists Exploit Financial Meltdown In Move Towards One World Currency | Wanted: a new financial order | EU leaders to meet Bush and plan “refoundation of capitalism” | Loonie leaps, then reverses course | Bush outlines radical plan to part-nationalise banks | World needs new Bretton Woods, says Brown | IMF prescribes state regulation of ‘global financial order’ | Behind the panic: Financial warfare over the future of global bank power | Tim Rogers: Global Bankers Have Unleashed Inflationary Holocaust | New World Order: Global co-operation, nationalisation and state intervention – all in one day | Federal Reserve Moves to Monetize Commercial Paper Debts | Bank of Canada greases financial system with $12B in new cash | Congressman Ron Paul: Bailout Will Destroy Dollar, World Economy | Canadian Supreme Court refuses to hear appeal in ABCP case | Bank of Canada piles on in global inflationary swindle | Central banks continue inflating global economy | Court Grants Big Banks Immunity from Lawsuits over Derivatives Losses | Financial ’super cop’ role for Fed | Ottawa warns on gold-backed Web trades | Inflation takes over as public enemy No. 1 | Fed eyes Nordic-style nationalisation of US banks | Treasury’s Plan Would Give Fed Wide New Power | Consider a continental currency: Jarislowsky | Globalization makes national currencies obsolete | Vicente Fox Admits Plan For Single NAFTA Currency | Fraser Institute: The Case for the Amero
October 17th, 2009 at 5:42 am
[...] Dollar Reaches Breaking Point as Central Banks Shift Reserves | Gold continues record-breaking run | Gold price rises to all-time high | Fisk: Nations to hasten demise of dollar in new world order | [...]
November 8th, 2009 at 3:19 am
[...] | UK: Lord Mandelson and Nat Rothschild share Brazilian ambitions | The Keynesian quagmire | Gold continues record-breaking run | Police break up IMF protests in Istanbul | Gold price rises to all-time high | Fisk: Nations to [...]
November 8th, 2009 at 3:28 am
[...] Gold prices surge as India buys IMF reserves | Plentiful paper currency buffing gold’s shine | Gold continues record-breaking run | Gold price rises to all-time high | Fisk: Nations to hasten demise of dollar in new world order | [...]
December 14th, 2009 at 10:16 pm
[...] | UK: Lord Mandelson and Nat Rothschild share Brazilian ambitions | The Keynesian quagmire | Gold continues record-breaking run | Police break up IMF protests in Istanbul | Gold price rises to all-time high | Fisk: Nations to [...]
February 15th, 2010 at 4:16 pm
[...] | Gold prices surge as India buys IMF reserves | Plentiful paper currency buffing gold’s shine | Gold continues record-breaking run | Gold price rises to all-time high | Fisk: Nations to hasten demise of dollar in new world order | [...]
February 27th, 2010 at 4:22 pm
[...] Banks Shift Reserves | Flaherty drafting voluntary code for new credit company debit cards | Gold continues record-breaking run | Gold price rises to all-time high | Fisk: Nations to hasten demise of dollar in new world order | [...]
March 1st, 2010 at 11:31 am
[...] Banks Shift Reserves | Flaherty drafting voluntary code for new credit company debit cards | Gold continues record-breaking run | Gold price rises to all-time high | Fisk: Nations to hasten demise of dollar in new world order | [...]
April 30th, 2010 at 7:20 am
[...] [...]
June 15th, 2010 at 7:07 am
[...] [...]