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« SPDR Gold Trust (ETF) A Safe Haven? | Main | Agnico-Eagle Mines Limited: 4th Quarter Results hit by lower Zinc prices »
Friday
Feb202009

Gold Prices Hit $1000

Gold prices just hit $1000/ounce on the new york spot market!

Gold Prices Hit $1000

Gold prices topped the key $1,000 mark for the first time in nearly a year, as global financial and economic worries boosted the safe-haven appeal of the precious metal.

This is something gold bugs have been waiting for a long time, and it now looks as though we are set to make a new all time high very soon.

With the Dow now below key support levels, it looks like the run to gold as a safe haven will continue. However, gold stocks should be considerably higher, give current prices. For example, AEM was north of $80/share last time gold was $1000 but is currently trading at around $55. Is this a great buying opportunity?

Whether you choose gold, the ETF or gold stock, make sure you have a stake in the yellow metal!


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Reader Comments (7)

Time for a party!!

This barrier is broken and I think we're going to stay above $1000 for some time now...

Psssssjjjjj...time for a Heineken ;)

February 20, 2009 | Unregistered Commenterde Graaf

I'm referring to to the charts on " gold will correct in one week "

February 21, 2009 | Unregistered CommenterPaul Yoquelet

After a minute or so, Peter Schiff answers a question to Saoudi's about investing in gold miners and corner the market ;)

http://www.youtube.com/watch?v=q0Weo7X3Y0U&feature=channel

And we get a prospect about the European Union and the currency market.

February 21, 2009 | Unregistered Commenterde Graaf

when it gets too high you will let us know when you are getting out right??????

February 21, 2009 | Unregistered Commenterjoe

Paul,

Some time ago our readers asked us to group together articles about a particular company so that they didn’t have to search the whole site to see what we had written in the past about that company.

So we came up with the idea of relating articles by the company name, which works well for Cameco as the system then groups together those articles about Cameco.

However for articles of a more general nature the system does not work so well. Hopefully we can improve on it in future.

Best wishes,

Bob

February 22, 2009 | Unregistered CommenterGold Prices

PETER ? -the expert in technical analysis as your website says - degraaf,,,you come up with the notion usng your gold directional indicator that i read on the kitco site..you think we will stay at 1000 dollars for awhile??? im thinking your logic and your indicator is flawed....your indicator doesnt take in account the psychological implications of the majority of the gold and gold stock holders... psychologically the top for gold has been hit now....1000 dollars investors getting nervous about this high point,,,predicting we will open up 2/23/09 monday substantially lower ....UNTIL the usa dollar drops substantially, im reading that we will have support at 970ish area ...could be lower..... when the usa dollar drops substantially THEN i believe we will REALLY SEE A RALLY IN GOLD ! even the experts can be mistaken though i value your commentary and website that is if you are peter degraaf..i could be wrong ...im definately no expert and I HAVE NO CRYSTAL BALL...LOL.......happy trading......

February 22, 2009 | Unregistered Commenterdoji

No, not Peter de Graaf.

Just an unknown Robert that seeks his own way in gold trading.

;)

February 23, 2009 | Unregistered Commenterde Graaf

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