Gold over $1,500 an ounce?

April 20, 2011

Yikes!

Bloomberg L.P. tells us that gold reached $1,506.50 an ounce in New York as the dollar slipped as much as 1 percent against a basket of six major currencies to trade at a 16-month low.

Gold has risen 32 percent in the past year as the dollar fell 8.2 percent.

Silver topped $45 an ounce for the first time since 1980.

The U.S. Treasury Department has projected that the government will reach the $14.3 Trillion debt-ceiling limit no later than May 16 and run out of options for avoiding default by early July.

“As the numbers show, the debt cannot be repaid without dollar debasement, so people are warming up to the idea of hoarding gold.”

Gold? In 2011?

Something is seriously wrong here.

I must have somehow slipped and fallen into the 4th dimension.

Help!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: