Gold Breaks $1,000

While the current price of gold ($1,005) is not at an all-time intraday high, if it holds onto these gains throughout the day, it will be at an all-time closing high. Even with the potential for a record high close, gold's current run to $1,000 has been met with a lot less fanfare than the prior two runs. They say a watched pot never boils, but once you take your eye off of it...

click to enlarge

Comments

[Macro_Man:]

If GLD breaks above 100 and holds, will get long against put protection. If not, will wait and watch to see what happens. Whatever I am doing now with Gold and silver, I have options to offset positions...these things can travel a lot and a lot of money will be made or lost quickly.

Sep 08 08:57 AM

[Mad Hedge F...:]

ghml. Just as it is prudent to top up your flood insurance ahead of the hurricane season, investors are loading up on gold ahead of the treacherous September-October stock trading period. Yesterday’s $22move up shows that attempt number six to run the yellow metal up to anew high has begun. Silver happily tagged along for the ride, tacking on 70 cents to $15.49. Historically, September is the best month of the year to own the barbaric relic, showing an average 3.5% gain over the last 20 years. The onset of the Indian wedding season, Ramadan, and the run up to the Christmas and the Chinese New Year jewelry buying binge are all conspiring to give gold a boost. A tip off this was coming wasthe big put selling seen for the shares of the gold ETF (GLD), and Kinross (KGC). One good way to play gold at this late stage might be the shares of highly leveraged unhedged producers like Rangold Resources (GOLD), Jaguar Mining (JAG), and royal Gold (RGLD).Confirmation that the markets are moving towards risk aversion can be found in the euroyen chart, which hit a one month low at 131, after double topping at 140.50. If gold does break, it could tack on 20% very quickly to $1,200. Load up on those American gold eagles. If you wantto know where to find them in size, check with the experts at millenniummetals.net by clicking here.

Sep 08 10:07 AM

[jeremiah74:]

my feeling is that Gold in 2009 is what oil was in 2008 ..
i wouldnt bet the ranch, but would bet small AGAINST GOLD here ..
too much of a consensus I think ..

Sep 08 10:11 AM

[twitee:]

Inflation is the only way to save this economy. Gold is paving the way for the economic recovery and it is the only instrument to create this illusion. Through inflation, the housing market will recover having direct influence in the individual wealth and banks........if this scenario does not pan out we are in a deep Japanese style (multi year) deflation.

Sep 08 01:27 PM

[mkreisel:]

The breakout has already failed.

Sep 08 04:29 PM

[bogoMIPs:]

"Gold Breaks $1,000"

... and falls back down as it inexorably does.

The fools all piled on here at $993, $995, $999.50 whatever. Now they will join the ranks of the rest of the gold shills as they try to shout, threaten, con, the rest of the masses to buy PMs so they can get their money back. hahaha

Sep 08 04:50 PM

[stockit2mebaby:]

I SAY SILVER, SILVER, SILVER!!!!!!
BEST BUY, READY TU MOVE ->->->->-> WAY UP!

Sep 08 06:11 PM

[Diogenes of...:]

Gold $1000 didn't hold in spite of the collapse in the dollar. I anticipated that and sold my GLD calls in the morning. Gold seems to be "held" down in price, and the the better ways to profit off a falling dollar are copper, silver, stocks, and oil. Platinum has a really nice day. Oh, and I continue my fandom of all things Australia including FXA and EWA.

Sep 08 06:21 PM

[Keer-eh Khar:]

"gold's current run to $1,000 has been met with a lot less fanfare than the prior two runs"

GOOD! Gold creeps up in quietness- and so does silver

Gold $5000; Silver $100; DJIA 3000 within 10 years.

Sep 08 09:19 PM