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Home Front Economy
NY gold hits $600 an oz early, silver scales $12
2006-04-06
NEW YORK (Reuters) - Gold futures in New York shot to a 25-year high atop $600 an ounce Thursday morning, while silver climbed a 22-year peak at $12 an ounce a down dollar and rising oil prices fueled buying by investors and speculators. By 8:35 a.m. EDT, gold for June delivery on the New York Mercantile Exchange's COMEX division edged back to $598.50 for a gain of $6. It traded from $592 to $601.90 which marked the loftiest level for futures since January 1981. COMEX May silver was up 25.5 cents at $11.96 after rising as high as $12.08 in the early going.
It's hard to believe this is based on inflationary expectations, so who is buying and what do they expect?
Posted by:Nimble Spemble

#5  United Arab Emirates, in particular Dubai, have been steadily buying up gold over the last year. Don't know what's driving their decision. Preparations for what? A global economic collapse due to a crash of our stock market in response to another attack here at home?
Posted by: DonM   2006-04-06 17:27  

#4  "the loftiest level for futures since January 1981"
Seems like gold peaks every time The Great Satan and the Mad Mullahs are about to duke it out in the Persian Gulf.
Posted by: Darrell   2006-04-06 14:01  

#3  I've also notice the early signs of Greshams law starting to be enforced - penny bowls are going away down here. Bronze pennies now worth 2 cents.
Posted by: 6   2006-04-06 13:48  

#2  Silver is even more amazing. With the near death of film you'd figure a huge loss of industrial demand.
Posted by: 6   2006-04-06 13:46  

#1  Iranian gold reserves withrawn, etc. I expect many Iranian overseas assets (most Iranian private assets are held offshore) are being converted to something that can't be frozen.
That and maybe Arabs expecting trouble. They flee to gold quickly.
Posted by: buwaya   2006-04-06 12:13  

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