Friday, December 02, 2005

Price of Gold Reaches Highest Level in 23 Years: $505 / oz.

Today on Reuters. What's behind this? Very possibly, the planned end of the Federal Reserve's reporting of M3, the amount of currency in circulation being used to pay for our Federal Government's out-of-control spending. While there have been false alarms before, as in the late 1970s, it is at least possible that the U.S. economy is being set up to take a dive, courtesy of the international investment "banksters." Note the Rothschild reference. Yes, that is one of those Rothschilds--as if there are any others.

Gold hits 23-yr high at $505 an ounce
Fri Dec 2, 2005 3:39 AM ET

By Lewa Pardomuan

SINGAPORE (Reuters) - Gold rose to as high as $505 an ounce in Asia on Friday, its highest level since February 1983, and looked likely to rise further as fund buying resurfaced despite fears of year-end liquidation.

Gold, used as jewelry and investment, has been on the rise as investors diversify their portfolios on worries about geopolitical tensions, such as the threat of terrorist attacks, and inflation.

Spot gold was quoted at $503.60/504.20 an ounce in late trade, up slightly from $503.00/503.75 last quoted in New York on Thursday. Some dealers expected gold to trade in a wide range of between $490 and $510 for the rest of the day.

Gold climbed to $509.20 an ounce in February 1983. Anything above that level will bring the metal to its highest since January 1980, when it hit a record high of $850 an ounce.

"Where do we go from here? I guess if we stay above $500, we may well be targeting $510," said Darren Heathcote, head of trading at N M Rothschild in Sydney.

[To read the rest, click here.]

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