Gold surges on weak US dollar
DOW rises by more than 190 points yesterday, and most of the commodity futures made its new high too.
Gold price is unstoppable, yesterday spot gold is just $618, today it adds another $9 to $627, continue to break the 25 years record high.
US govt has 8450B of debt in 1980, where Gold made its record high $850. Now in 2006, US govt has 84000B of debt, plus the demand of Gold keep increasing from China and India, the rise of Gold is potentially far beyond that value.
Gold keep rising neglect the servere overbought in TA. The problem is when everyone lost confidence in US dollar, they will turn to sell dollars and buy gold, which then helps supporting its high price.
Gold price is unstoppable, yesterday spot gold is just $618, today it adds another $9 to $627, continue to break the 25 years record high.
US govt has 8450B of debt in 1980, where Gold made its record high $850. Now in 2006, US govt has 84000B of debt, plus the demand of Gold keep increasing from China and India, the rise of Gold is potentially far beyond that value.
Gold keep rising neglect the servere overbought in TA. The problem is when everyone lost confidence in US dollar, they will turn to sell dollars and buy gold, which then helps supporting its high price.
posted by SSY | 8:22 AM
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