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GOLD PRICE TODAY Aug 31-12


elder-miner

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I wonder if Bernanke told his family and friends to buy up some gold before his speech ??

Dave

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Bernake (head of the Fed) stated they are not going to do anything right now to ease economic woes. Basically said you're SOL.

With that, within the half hour, gold started to climb.

It always reacts fast to the Fed talking. And when it's not economically favorable, precious metals go up.

I watched it jump $10 almost during his speech.

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Our total Income Tax collections are $865 billion and our deficit is running $1.35 Trillion. To make up the difference, Bernanke has printed $2.3 Trillion in new money which has kept interest rates down which has and will continue to devalue US dollar.

When interest rates return to normal 5% to 6% just the interest on our debt will be more than our total Income Tax collections and we will see rampant inflation.

Congress is paralyzed in a treasonously self imposed stupor like a deer in the headlights of a speeding diesel semi-truck as the nation approaches several fiscal cliffs. Even the Super Committee could not reach any consensus on how to control the federal deficit budget spending.

A Presidential election is looming. Food, fuel and about all other costs are rising. Unemployment remains uncontrollably high, the economy is wallowing in a deep muddy pit. Politicians are stupefied waiting for catastrophe to hit. Some SHTF scenario will happen sooner than later. Incredibly, civil unrest & riots are a possibility if things continue to get worse.

You could well see gold prices go to $2500 in the not far distant future. Possibly higher.

I thank God, over the years I had the foresight to provide myself and family with a defensible sustainable, isolated refuge in case chaos raises it’s ugly head.

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I was right in the middle of buying gold at the time of the speech! I was piecing out two lots and checked the pricing twice during the event. Paid more for the last lot than I did for the first lot by about $1/gram! First time that happened to me in the middle of a buy!

We knew this was going to happen, just did not know which way it was going to go based on what the feds were going to do.

More buying today!! :D

Jim

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The largest user of gold hits every year at this time as brides in India,one of the largest consumers, mandate a dowery of gold in any shape and form so prices historically peak this time a year. John

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  • 2 weeks later...

Silver followed along today almost perfectly but could not find a reason for the spike that made any sense to me.

Bernake spoke.

I worked till 9 PM last night buying gold and silver. Wooooo Hooooo :thumbsupanim

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