Friday, September 24, 2010

Gold Climbs to $1,300 on Dollar Concern; Silver at 30-Year High

From Bloomberg:

Gold futures rose to a record $1,300 an ounce in New York as investors sought a protection of wealth and an alternative to a weakening dollar. Bullion traded at an all-time in London and silver reached the highest price since 1980.

The dollar headed for a weekly drop against the euro on concern the Federal Reserve is moving closer to boosting debt purchases, while European equities declined. Gold, which usually moves inversely to the greenback, advanced to a record for the fourth day this week. Silver, which is used in industrial applications, headed for a fifth weekly advance in London.

“Gold is showing there is no confidence in the dollar,” said Bernard Sin, head of currency and metal trading at bullion refiner MKS Finance SA in Geneva. Recent “data has been showing signs of a troubled economy. That’s why we’ve seen this huge buying for investors as a safe haven.”

Gold futures for delivery in December added as much as 0.3 percent to $1,300 an ounce and traded at $1,299.40 at 5:16 a.m. on the Comex in New York. Gold for immediate delivery advanced 0.5 percent to a record $1,298.38 an ounce and was last at $1,298.05.

Gold, up 18 percent this year in London, is heading for its 10th consecutive annual gain, the longest winning streak since at least 1920. Bullion has outperformed global equities, Treasuries and most industrial metals, prompting record investments in gold-backed exchange-traded products. The metal rallied as central banks and governments maintained low borrowing costs and spent trillions of dollars to stimulate their economies.

Silver for immediate delivery climbed as much as 1.2 percent to $21.3875 an ounce in London and was last at $21.3425.

Jim Roger - Austerity coming to the USA

James Turk on the Gold & Silver as Sound Money

James Turk is interviewed by Eric King on King World News.....listen here

Tensions rise again with Iran as former rulers, UK & US stage walkout

The Truth does not fear investigation.....

From the UK Sun:

BRITISH and American delegates walked out of the United Nations last night in protest at an "abhorrent" speech by the president of Iran.

US officials were joined by representatives of the UK, Canada and 30 other countries in vacating the chamber as Mahmoud Ahmadinejad spoke.

In his address he claimed it was widely believed Americans were actually behind the September 11 terror atrocities and that they were part of a US conspiracy to protect Israel.

He said "the majority of Americans" believed segments of their own government had orchestrated the attacks.

The president also denounced threats to burn copies of the Koran as he spoke to the UN headquarters in New York.

America slammed his outburst as "abhorrent and delusional".

Spokesman Mark Kornblau said he had "chosen to spout vile conspiracy theories".

From Press TV:

Iran's President Mahmoud Ahmadinejad , addressing UN General Assembly Thursday, strongly criticized the US-led occupation of Afghanistan and Iraq, using the suspicious 9/11 attacks as a pretext.

President Ahmadinejad said while some 3,000 were killed on the September 11 incident, "for which we are all very saddened," hundreds of thousands of people have been killed and millions wounded and displaced up to now, as the conflicts continue to rage and expand.

While raising several questions about the source and nature of the 9/11 attacks, the president asked even if we grant credence to the US government's view that "a complex terrorist group was able to cross all layers of US intelligence and security" to wage the attacks, "is it rational to launch a classic war through widespread deployment of troops that led to the death of hundreds of thousands of people to counter a terrorist group?" on

Keiser Report - WWIII is over

The Keiser Report looks at the scandals of World War III ending before it even started thanks to Goldman Sachs seeking to move into Iran; and taking on the bourse Abbie Hoffmann style. In the second half of the show, Max goes to New York to talk to Joe Weisenthal from about bedbugs, gold and pensioners.