Were you watching gold today in real time? Why not!?
It was fun, let me tell you.
Right now it’s at $1,239.40.
But glancing at the graph it looks like it hit $1,249.00 at one point.
You can track it in real time with Lear Capital’s free application widget ExactPrice. Also, if you have a mobile device point your phone, kindle, or iPad at http://www.learcapital.com/mobile for real time quotes on you mobile.
I’m not going to give you a lot of links today. I think the biggest reason for the gold increase is that investors are seeing Europe and what the world govs, including the USA, are doing and realize that debt and inflationary times are coming.
That said check out these items:
On the Comex in New York, gold futures for June delivery rose $22.80, or 1.9 percent, to $1,243.10 an ounce. Earlier, the price reached $1,247.70, the highest ever.
The euro has dropped 12 percent against the dollar this year on concern that budget deficits in Greece, Spain and Portugal will escalate. Over the weekend, the European Union and the International Monetary Fund announced a rescue package of almost $1 trillion.
Holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, have advanced 5.2 percent this year to a record.
Check out the chart: Hourly Action In Gold From Trader Dan
When the senior economists at BIS warn 12 of the richest countries on Earth that they must take drastic action to reduce debt, you know that it’s time to check the air bags. The only thing you don’t know, that you need to know, is the precise time of the crash. The lesson is already obvious: Governments can’t drive recklessly, use only the accelerator for braking and not eventually crash.
The BIS paper notes that the public debt of 30 OECD countries will (on average) exceed 100 per cent of GDP within the next year, “something that has never happened before in peacetime.” But it warns that conventional debt-to-GDP ratios are misleading – missing “enormous future costs” that are already authorized by past fiscal commitments, that will inexorably inflate public debt further still.
Casey’s Daily Dispatch is a must read today: Shock and Awe Fizzles Out
Well, gold right now is at $1,239.90. It’s been up and down as I’ve been typing but it seems to be sticking in the range. We’ll see where it goes tomorrow.