Friday, April 28, 2006

Gold soars to new high as safe-haven on Iran

Gold soars to new high as safe-haven on Iran - Yahoo! News: "Gold soars to new high as safe-haven on Iran By Zach Howard and Martin Hayes
Fri Apr 28, 3:31 PM ET

NEW YORK/LONDON (Reuters) - Gold jumped to a 25-year high on Friday, closing up almost 3 percent in New York, on worries about record oil prices, a declining dollar and international confrontation over Iran's nuclear program.

Near record prices for oil and base metals, along with a sharp fall in the dollar's exchange rate against the euro, fueled aggressive investor buying across the precious metals group, hoisting gold above its last high from a week ago.
Silver, which has been a shooting star in the booming commodity sector in recent weeks, but has been very volatile, jumped more than 8 percent. Yet it still played second fiddle to gold, which got an extra boost as a traditional safe-haven on the tense standoff over Iran's nuclear ambitions.
'I think gold has kind of taken on a leadership role,' Steve Platt, a broker with Archer Financials in Chicago, said, adding that the yellow metal also was benefiting from a weak dollar.
'People for a long time had not been interested in the precious metals to any big degree, but now you have started to see them look at them once again as a flight to quality in terms of asset diversification,' Platt said."

Tuesday, April 25, 2006

$6,000 GOLD??

Faber says gold price may reach $US6000 - Business - Business - "Faber says gold price may reach $US6000
By Mike Firn and James Poole in Tokyo
April 26, 2006

MARC FABER, who told investors to bail out of US stocks a week before the 1987 Black Monday crash and began recommending commodities at the end of 2001, said gold might rise tenfold in the next 10 years.

'If the Dow Jones [index] goes up three times in the next 10 years, I think gold prices will go up by a minimum 10 times to something like $US6000 an ounce,' said Faber, 60, who founded Hong Kong-based Marc Faber Ltd and manages about $US200 million ($268.3 million).

The author of the newsletter The Gloom, Boom & Doom Report said gold wasn't expensive when 'you compare its price to the quantity of money that has been printed in the last 10 to 15 years in the US and the world in general'."
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Friday, April 21, 2006

Gold, Silver Prices Rebound

Gold, Silver Prices Rebound - Yahoo! News: "NEW YORK - Gold and silver futures strengthened Friday, rebounding from Thursday's profit-taking declines.

Recent supportive influences are still at play for the metals, especially for gold, such as worries about Iran's nuclear program, rising energy prices, and the recent softer tone in the dollar.
Higher energy prices have been stoking inflation worries, while a weakening dollar makes gold a more attractive investment option."

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Wednesday, April 19, 2006

Gold at 25 Year HIGH Canada: "Gold Reaches 25-Year High, Silver Surges on Inflation Concern

April 19 (Bloomberg) -- Gold rose to a 25-year high and silver topped $14 an ounce for the first time since 1983 as investors snapped up precious metals to hedge against inflation.

Gold is up 46 percent from a year ago and silver almost doubled as oil costs reached record highs. The Goldman Sachs Commodity Index jumped 10 percent since April 7 to a record, and the Labor Department today said prices paid by U.S. consumers rose more than expected in March. Investors are increasing their holdings of precious metals to preserve purchasing power.

``There is a lot of money on the sidelines that was waiting to get in, but the market never gave them a break'' because prices kept rising, said Frank McGhee, head metals trader at Integrated Brokerage Services LLC in Chicago. ``Now they're buying, and that feeds this kind of rally.''
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Wednesday, April 12, 2006

Win - Win for Gold!

If the dollar again starts to decline (I believe VERY likely), along with our currently rising interest rates, this would hurt the consumer spending of heavily indebted consumers, then precious metals (gold and silver) would benefit significantly due to investment demand for a safe haven.

If the global economy evades the downturn scenario, then both precious metals and base metals (copper, zinc, nickel, uranium, oil and gas) will do well as China and India's massive infrastructure development programs continue to create rising demand for these commodities.

So, regardless of your view of the global economy, some exposure to commodities is an important part of a balanced portfolio. Gold Price Predictions and natural gold nuggets all at:

Tuesday, April 11, 2006

GOLD Over $600.00

Investor - News: "LONDON, April 11 (Reuters) - Gold jumped above $600 an ounce to its highest in 25 years and silver set a new 23-year peak above $13 on Tuesday as funds and investors widened their exposure to surging commodities.
They poured money into precious metals to diversify their portfolios on worries about inflation, tensions in the Middle East and uncertainties over the dollar's outlook because of the U.S. trade and budget deficits, analysts said.
'At the moment, I wouldn't try to bet against the continuation of the rally,' said Wolfgang Wrzesniok-Rossbach, head of precious metals marketing at Germany's Heraeus.
'In terms of fundamentals, it shouldn't be here. In terms of charts, there is not much you can see. It's certainly speculative money which flows here into all precious metals.'"
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Creamer Media's Mining Weekly Online, South African Mining News :: Breaking News

Creamer Media's Mining Weekly Online, South African Mining News :: Breaking News: "SA gold output falls 8,7% year-on-year in February

South African gold output fell 8,7% in volume terms while overall minerals production declined 5,6% in February compared with the same month last year, official data showed on Tuesday.

Production of non-gold minerals fell by 4,8% in February, Statistics South Africa added.

In January year-on-year gold sales rose 29,6% to R2,3-billion, sales of non-gold minerals increased by 19,5% to R9,34-billion and total mineral sales gained 21,4% to R11,64-billion, a statement on said. "
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Monday, April 10, 2006

Four reasons for gold to hit $1,000 an ounce

Four reasons for gold to hit $1,000 an ounce: "Four reasons for gold to hit $1,000 an ounce
By Lord William Rees-Mogg
Money Week
Monday, March 6, 2006
Former Editor-in-Chief for the Times of London and Vice-Chairman of the BBC, Lord William Rees-Mogg, identifies the four factors which are likely to cause gold to reach $1,000 per ounce by the end of the decade. Lord Rees-Mogg has been credited with accurately forecasting glasnost, the fall of the Berlin Wall, as well as the 1987 stock market crash.
The gold price has doubled in the last three years. It has now settled at around $550 an ounce, after some profit taking. The World Gold Council expects that it will go to $600 an ounce by the end of the year...
It seems likely that the gold price will continue to rise; another doubling of the price in the next three to five years is entirely plausible on the known facts. I have expected the price to go above $500 an ounce since the rise started and I now expect it to reach $1,000 an ounce by the end of the decade... "

Friday, April 07, 2006

Gold Pulls Back

NEW YORK, April 7 (Reuters) - Gold futures in New York tumbled from a 25-year high on Friday morning, pressured by speculator and trade selling as the dollar climbed after a closely watched U.S. jobs report and as oil prices eased.

Market sources said that investors were pocketing part of the heady gains seen this week across the precious metals group when prices surged to multi-decade highs.

Silver moved lower, after stretching up to a new 22-year peak above $12 an ounce, on further speculative buying. Platinum and palladium also pulled back.
"The gold market reaching that $600 level I think might be encouraging a little profit taking," said James Quinn, commodities commentator for AG Edwards & Sons in New York. "And, I think that we're coming off on the jobs report and it's the end of the week and you have a lower oil price."

Gold for June delivery fell $9.60 to $590.10 an ounce by 10:41 a.m. EDT on the New York Mercantile Exchange's COMEX division.

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Wednesday, April 05, 2006

Australia could be biggest gold producer - Breaking News - Business - Breaking News

Australia could be biggest gold producer - Breaking News - Business - Breaking News: "Australia could become the world's number one gold producer at a time of record high gold price if exploration was increased, a conference has heard.
West Australian resources minister John Bowler said gold was currently out of the spotlight due to a focus on other commodities such as iron ore and nickel.
'But I don't think gold has come and gone,' he told a the Paydirt gold conference in Perth.
'I think it will have a future for forever and a day.'
Australia currently sits behind rival gold producer South Africa in the list of top gold producing countries and last year produced about 169 tonnes of gold."
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