Thursday, 13 March 2008

Gold hits $1000; Feel that inflation...


Gold has hit $1,000 today, one of our key predictions for events that would happen this year. With the dollar falling in value you would expect nothing less and also it is of note that oil is no $110 a barrel.


To think 10 years ago oil was just $18 a barrel!


What we are seeing is the huge inflationary effects of the Fed and other central banks printing money to create liquidity in the fight against the credit crunch. how this squares long term with large reductions in interest rates is beyond me...unless we are doomed to follow the Japanese deflationary model.

11 comments:

Anonymous said...

I think its called Stagflation.

Nick Drew said...
This comment has been removed by the author.
Richard Elliot said...

I'm kicking myself for not buying some gold at the start of the year......

Nick Drew said...

My dear chap, in 1998 oil averaged $11.91, and blipped down to $10 !

which is when (John) Browne bought Amoco - a better judge of these things that (Gordon) 'Goldfinger' Brown

Ed said...

I would prefer a short term dose of high inflation (though under 10% please!) to several years of deflation. Get those printing presses going!

Why do the central banks auction cash off in that way rather than lowering general rates?

Steven_L said...

Richard,

I'm kicking myself for getting pissed last night and cashing in my bet on gold for a measly £100 profit at $981.

On a related note, anyone got any tips for the Gold Cup tomorrow?

Mark Wadsworth said...

Good point, how has gold done in £ terms, or € terms? With the housing bubble now deflating, it looks like the gold bubble will be next to inflate...

Nick Drew said...

Mark, gold looks impressive in any currency - have a look at this, which allows you to look at several.

Both EUR and Swiss Franc have been shafting the dollar like b*gg*ry since the last week in Feb, outstripping gold itself over the fortnight since then. But the 1-yr or 5-yr picture is esentially the same across the board.

CityUnslicker said...

MW - It is a flight to pure liquidity in this case, so it will be a global phenomenon. In much the same way the Yen is appreciating rapidly too.

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