Gold and oil break new records

[medbiller777]

Gold rose above $850 becoming the first commodity to reach a new record on the first session of new year, followed by oil which sprinted past the $100 level, also setting a record.

Gold pushed to $859.30 a troy ounce on Wednesday, helped by renewed US dollar weakness after the influential ISM manufacturing survey indicated that activity contracted in December, fuelling fears that weakness in the housing market is spreading into the wider economy.

Dec-26Gold prices surged 30 per cent in 2007 as the dollar sank against the euro and oil prices challenged the $100 a barrel level. This combination was a key factor behind strong inflows in gold exchange traded funds in 2007. Meanwhile jewellery demand remained strong in spite of high prices, particularly in India, China and the Middle East.


http://www.ft.com/cms/s/0/89da5850-b929-11dc-bb66-0000779fd2ac.html?nclick_check=1

Yep, wild ride ahead for 2008.

[jds6958]

http://www.ft.com/cms/s/0/89da5850-b929-11dc-bb66-0000779fd2ac.html?nclick_check=1

Yep, wild ride ahead for 2008.

Double psychological whammy today for the markets...this just smacked a lot of traders in the foreheads...I wonder how many will wake up?

[can4christ]

Double psychological whammy today for the markets...this just smacked a lot of traders in the foreheads...I wonder how many will wake up?


I have recently become a "trader", I have been trading my dollars for gold and silver.:hehee

[Waiting...]

I have recently become a "trader", I have been trading my dollars for gold and silver.:hehee

Where do you put it? (serious question). I have always wondered where people store their gold and silver. Is it in a bank safety deposit box? Will the bank let you have it if it falls on hard times?:idunno

[futurehope]

I've heard (don't know if it's true) that if a bank fails, you may not be let in to your safe deposit box. The doors may be closed for any business. Anyone out there work at a bank?


I've been going on the above assumption and I keep mine around the house.

[jds6958]

Where do you put it? (serious question). I have always wondered where people store their gold and silver. Is it in a bank safety deposit box? Will the bank let you have it if it falls on hard times?:idunno

Now and for the next 2-3 years I would expect many banks and other financial entities to face potential collapse. If you can, keep it at your residence. If you own too much gold and keeping it at home is a cause of worry a safety deposit box is an alternative. Try to find a safety deposit box that is not at a bank or financial entity. If you must store it at a bank, request in writing that they do not have any exposure to OTC derivatives and SIV's (good luck). You do not want to risk your only possession of "real" wealth stuck in a box in a bank that has been closed b/c of a nationwide bank holiday.

B/c of the Fed's ability to print cash out of thin air bank holidays may not even happen during this crisis, but why take the chance?

[jds6958]

I've heard (don't know if it's true) that if a bank fails, you may not be let in to your safe deposit box. The doors may be closed for any business. Anyone out there work at a bank?


I've been going on the above assumption and I keep mine around the house.

This may also be something to consider. If you have a house fire it may be hard to find the gold in the aftermath. A small firesafe well hidden may be wise. I only say that b/c my family had a house fire last Dec. and we lost nearly everything in the fire. The small fire safes really do work and insurance will only cover so much gold in a default policy.

[can4christ]

Where do you put it? (serious question). I have always wondered where people store their gold and silver. Is it in a bank safety deposit box? Will the bank let you have it if it falls on hard times?:idunno


We bought a safe. Not that I don't trust the banks.............:aha

[Waiting...]

Here is one area that is actually benefiting from high oil.

http://www.theadvertiser.com/apps/pbcs.dll/article?AID=/20080103/NEWS01/801030329/1002


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Crude hits $100: Oil price spike bodes well for area
Energy milestone could mean more local economic growth
Kyle Jackson
kjackson@theadvertiser.com

Oil prices reached $100 a barrel on Wednesday, a milestone that serves to highlight the increasing demand for crude.

For Lafayette oil and gas companies, the record price may be a sign of more good times to come.