Comex Gold Historical Prices
Gold Futures At An All-time Excessive
There is a definite connection between currency values and the price of precious metals, and if today’s movement on gold futures is any indication, the world is experiencing a major shift. Based on Marketwatch, gold futures eclipsed $ 1,400 per ounce for the first time on the Comex, a sign that currency values are in an excellent deal of flux. It soon peaked at a high of $ 1,407.20 per ounce.
Gold heading down today
Monday showed that over the weekend from Friday’s closing price of $1,397.70 per ounce, there was a drop in gold futures. $10 had been how much it went down. There had been also a raise in currency value. This was for the dollar of course. But dark clouds of European debt – particularly in Greece, Ireland and Portugal – massed on the horizon, giving gold prices, silver prices and even copper prices a historic lift.
Industry goes crazy with Federal Reserve bond purchasing
The recent move by the Federal Reserve to purchase up $600 billion worth of bonds over the next eight months spiked investor interest in selling paper currency and shifting toward the precious metals end of the market. Marketwatch explains that currency values are not going down too much. Against other paper currencies, the United States Dollar rose .5 percent. Because of underperformance from Greece, Ireland and Portugal bonds, the euro was lost.
Re-instituting a gold standard
World Bank President Robert Zoellick has suggested the re-institution of the gold standard ought to be a topic of significant discussion at the forthcoming G20 conference in Seoul, South Korea. A Financial times piece is where Zoellick talked about this. He said, “Employing gold as an international reference point of sector expectations about inflation, deflation and future currency values” in making an economic yardstick available. Optionsellers.com has a portfolio manager, James Cordier, who feels the very same way. We’ll see what a global gold standard does. It could “stabilize gold and turn what is still a thin industry into a more orderly one.” The value of currency would be more accurate also. It would be tied to something tangible which helps.
Silver and copper prices increase also
According to Marketwatch, silver prices went up. The Dec delivery figures are up too on copper. $3.96 per pound is now the price.
Data from
Marketwatch
marketwatch.com/story/gold-retreats-silver-keeps-on-rallying-2010-11-08
Is it government manipulation – or luck?
youtube.com/watch?v=-eIIS0itYiI
What is really going on with gold and silver (part 1 of 2)