Thread: Gold price may rocket to 19,000 THB/1-baht weight

Originally Posted by OhOh

Originally Posted by socal

they are going to live fat and happy clutching their little bag of shinny metal

Make a crown out of it and be a King, or for some a real queen.

Don't worry, people like you will never have the problem of trying to protect a fortune. Work to live another day, just like an animal.

Anyway I stick to my position at the start of the thread, gold could easily double from here, gold should easily double from here.

There will be the usual corrections, maybe even a 50% correction but that doesn't matter for people that understand.

Gold prices in Thailand hit new record high
วันเสาร์ ที่ 16 เม.ย. 2554





BANGKOK, April 16 -- Prices of gold ornaments and gold bars hit a new record high in Thailand early Saturday, due to sharp increase in global gold prices resulting from worries over continued rising oil prices and inflationary pressure in overseas, said Jitti Tangsitthiphakdi, chairman of the Gold Traders Association.

Mr Jitti said his association announced this morning a buying price of Bt20,693.40 per baht-weight (15.16 grammes) for gold ornaments, and selling price of Bt21,500.

The buying price of gold bar was at Bt21,000 per bath-weight and the selling price at Bt21,100 per baht-weight, he said.

Gold prices in Thailand have been on the increase since Tuesday, Mr Jitti said.

He said local gold prices have hit an all-time high after gold prices closed at a new record high in New York last night, closing at US$1,486 an ounce, up 0.9 per cent, on the Comex (Commodity Exchange) division of the New York Mercantile Exchange, for June contracts. Prices moved between US$1,472.2 – 1,488.6 per ounce, which was highest during intra-day trading.

Rising inflation overseas due to steady increase in oil prices stimulated prospective investors to buy gold with an aim to hedge risks. Public debt crises coupled with economic uncertainty in Euro zone were other factors to buying of gold.

However, Mr Jitti admitted that gold prices which hit new high at a rapid pace could be partly a result of pure speculation by several funds and a transfer of capital to invest in gold, where prices do not fluctuate along with inflation.

Most gold shops in Thailand are still closed to celebrate Songkran festival or Thailand’s traditional New Year. They are expected to resume normal business operations on Monday.

mcot.net

Gold tops $1,500/oz for first time
20/04/2011

The price of gold topped US$1,500 an ounce for the first time on Wednesday as a weakened dollar plus fears over high inflation and countries' debt attracted investors to the safehaven precious metal.


The price of gold struck a record high just short of $1,500 Monday after ratings agency Standard & Poor's revised its outlook on US sovereign debt to "negative" from "stable."

Gold reached $1,502.32 an ounce at 0705 GMT. In later trading on the London Bullion Market, gold dipped back under the landmark barrier to stand at $1,499.32.

Sister metal silver meanwhile reached a 31-year high of $44.48 an ounce.
"Gold remains comfortably underpinned with short-term inflation pressures and economic woes triggering some fresh safe haven inflows," said Andrey Kryuchenkov, commodities analyst at Russian financial group VTB Capital.

The metal is seen as a safe store of value in troubled economic times.
Gold began its surge towards $1,500 on Monday after ratings agency Standard & Poor's revised its outlook on US sovereign debt to "negative" from "stable."

S&P's move challenged Washington's gold-star "AAA"-rated standard as it warned that politicians seemed unable to agree a plan to reduce a huge budget deficit, which is running at around 10 percent of gross domestic product.

The downgrade had also sent global share prices tumbling on Monday, while it came amid growing concerns over global inflation, with China, India and the eurozone struggling to control prices.

Metals consultancy GFMS last week forecast that the gold price would soar past $1,600 this year, driven primarily by fears over high inflation.

Kryuchenkov added: Gold "shot up after S&P downgraded the US sovereign debt outlook to negative. The move came on top of existing economic woes over resurfacing debt troubles in the eurozone."

Gold prices have risen by six percent since the start of the year, breaking a series of record highs along the way. They breached $1,000 for the first time in March, 2008.

"Gold will remain well bid as long as the ongoing debt and inflation worries persist," Ian O'Sullivan, Spread Co trading group analyst told AFP.

Top EU and IMF officials working on a debt rescue for Portugal worth some 80 billion euros on Tuesday met leading unions and politicians.

The country, which faces a general election on June 5, is eight weeks away from a risk of defaulting on its debt.

bangkokpost.com

Originally Posted by parryhandy

A Golden Tipping Point:

Interesting Stuff , thanxs

Originally Posted by parryhandy

took delivery of almost $1 billion in gold bullion and is storing the bars in a New York vault

Why have they not moved it to a Texas bank?