GOLD 0.51% $1,391.7 gold futures

it is away and running

  1. 9,081 Posts.
    Looks like $750 is now behind it ... don't think we'll see it beaten back behind that level by tonight's Comex close.

    The Saudis are no fools.

    "“HCS Worldwide” sources suggest that unprecedented buying of gold by Saudi Arabian investors is evidence of the growing deterioration of faith in the value of the US dollar. A report in a leading golf newspaper, citing local resources, said that investors saw the price of gold as particularly attractive. One of the “HCS Worldwide” sources suggested that the large volume of purchases could fuel speculation about large transactions that have been taking place at well above the price being quoted on the COMEX futures market. Anecdotal evidence suggests that gold is fetching close to $1000 on internet auction site, Ebay. “HCS Worldwide” maintain their standing advice to clients to acquire gold on price dips through its own bullion service and selected conduits. Although “HCS Worldwide” would not be drawn on a price target for gold, the source opined that a run to $1200 was easily attainable in the medium term. "

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