Thursday, October 8, 2009

Gold hits new record high for third day


London Telegraph
Thursday, Oct 8th, 2009

Gold hit new record highs for a third day on Thursday, as funds move in.

The spot price, which closed at $1,044 an ounce on Wednesday, rose above $1,055, helped by dollar weakness.

“It’s pretty much all a fund and investor driven rally,” said Michael Kempinski, a trader at Commerzbank, told Reuters. “Those guys like to buy at the highs and have the power to push it through.”

He said gold prices could hit $1,100 an ounce as private investors moved following the increased interest.

Using technical analysis, Barclays Capital predicted on Wednesday that the gold price could rise as high as $1,500/oz. The bank is targeting $1,050/oz initially, followed by $1,120/oz. It advised holding long positions in the precious metal.

Full article here

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Sheeple



The Black Sheep tries to warn its friends with the truth it has seen, unfortunately herd mentality kicks in for the Sheeple, and they run in fear from the black sheep and keep to the safety of their flock.

Having tried to no avail to awaken his peers, the Black Sheep have no other choice but to unite with each other and escape the impending doom.

What color Sheep are you?

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