A rumor is spreading that the major oil producing countries are considering pricing oil in a basket of currencies vs the current dollar pricing. This is due to speculation that inflation will accelerate and erode the value of the dollar. This should boost the appeal of precious metals for investors seeking to preserve their wealth. To view the full post, visit; California gold rush miner

I want to see it hit $1100.00 this week. Grubstake

Yep, the US Dollar is in hurting status. Moving oil out from under the dollar...why not gold too! I love it but don't look forward to possible inflation...I might have to dig more holes?

LuckyLundy

Hate to pop all your bubbles but Saudi officials announced this afternoon that oil will continue to be sold and priced in US dollars at least foor the next nine years. That means the gold price right now is artifically high. It may go as high as 1080, maybe just for you Grubby it will hit $1100. But you can bet it will be back to $980-$1000 range very quickly. This whole thing is a rumor and traded as such. Over time it may very well reach much higher but it is not the time for gold to soar right now.

Just my opinion guys. Don't bet the family farm on it in either direction for the long term. Much to much volitility.

Mike F

Mike,

Anything over $450 and ounce is good in my book. I was still enjoying it below $300 and ounce! If all gold investors called in their paper gold for the real thing in their hands...then you'd see gold prices to the moon! Until then, I have real gold for sale everyday of the week...I will not get caught holding the bag on this gold run!

LuckyLundy

What does peculaton mean? Sorry, couldn't resist!

- Lunk -

That's when your nipples get hard over something you think is gonna happen

jagdoctor1 that's friggin hilarious! am i the only one who thinks that peculation is a common word in the governators vocab?

The gold spot price seems to be holding.

The main driving factor was not the rumor on oil, but the huge decline of the dollar.
Here is part of what I posted on 10-2-09: The U.S. dollar has lost 89% of its purchasing power over the past 59 years.
The $10,000 life insurance policy held by the World War II veteran on his return home represented a significant amount of money in the 1940s.
Now, that policy would barely cover the cost of a burial plot and funeral for a war hero.

Sure there will be pull-backs in the price of gold, but to me at least, it seems certain that over the next year, gold may provide a much better return vs stocks.
Oh, by the way, I corrected the dropped 's' from 'speculation' in the original post.

Another new twist..

H.R. 45 is Barack Obama’s gun control package, and it includes the most vile anti-gun measures he’s supported over the years.

Check it out..

I don't know what a governator is... I refuse to acknowledge that one exists!

A price of $1050 seems pretty impressive, but its mostly due to the fact that your dollar will buy less and less. I saw this article this morning. In terms of dollars, gold is rocketing upward (because the value of the US dollar is rocketing downward). If you look at the price of gold in Euros and other currencies, gold is making a minor upward move thats no big deal.

Check out the article:
http://www.marketwatch.com/story/golds-ris...rops-2009-10-07



Chris