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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Gold Hits Highest Price Since Jan 1980 as Dollar Continues its Crash Lower

Commodities / Gold & Silver Sep 21, 2007 - 03:04 PM GMT

By: Gold_Investments

Commodities Gold
Gold continued it's recent surge on Thursday and rose a further 1.5%.
Gold futures for December delivery rose $10.40, or 1.4%, to $739.90 an ounce which is a new 27 year high.
Earlier gold rose to $746.50, the highest for a most-active contract since Jan. 22, 1980, the day after the metal reached a record $873 an ounce.


The gold price continues to surge due to record low dollar prices, record high oil prices and increasing concern regarding the health of the world's largest economy and increasing financial systemic risk.
Gold may succumb to profit taking in the coming days as we are slightly overbought in the short term. While consolidation is likely we believe gold will again reach $800 plus prices by year end.

Gold is one of the top performing assets of recent years and has risen 16% so far in 2007 and is on course for its seventh straight annual gain.

So far this quarter gold has rallied 13.6% in USD, from $648 to $736 USD.
So far this quarter gold has rallied 13.2% in GBP, from £323 GBP to £365.50 GBP.
So far this quarter gold has rallied 9.4% in EUR, from €479 EUR to €524 EUR.

Forex and Gold
The USD hit a new all time low against the euro at 1.4119 and analysts see 1.45 at the next level of resistance.
The USD has fallen to a new all time low mark on the US Dollar Index at 78.45.
Fed Chairman, Ben Bernanke's comments to Congress that he sees continuing housing market weakness and more sub-prime delinquencies, did not help the ailing dollar.


Silver
Spot silver is trading at $13.45/13.47 (1200 GMT).
Silver continues to play catch up with gold and is likely to outperform gold in the short, medium and maybe even the long term.

PGMs
Platinum was trading at $1332/1336 (1200 GMT).
Spot palladium was trading at $338/343 an ounce (1215 GMT).

Oil
Oil prices eased Friday after New York crude hit a new record 84.10 dollars per barrel Thursday on fears a storm could threaten energy facilities in the US Gulf of Mexico.

The Association for the Study of Peak Oil and Gas conference continues in Cork, Ireland. Ronald Oxburgh, the British lord and geologist who is the former head of Shell U.K., one of the world's biggest oil companies, looked like something of a prophet with prices surging to new highs. He said oil prices could hit $150 as supplies fail to keep pace with soaring demand. Another speaker, CIBC World Markets chief economist Jeff Rubin, predicted prices of "around $100 a barrel by the end of next year." Talisman Energy chief executive officer Jim Buckee talked about rapidly declining production from once-prolific and seemingly stalwart oil fields.

With two barrels of oil being consumed for every one barrel found, there can be little doubt that the era of cheap energy is well and truly over.

Gold Investments
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Gold Investments
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United Kingdom
Ph +44 (0) 207 0604653
Fax +44 (0) 207 8770708
Email info@goldinvestments.org
Web www.goldinvestments.org

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Gold and Silver Investments Limited hope to inform our clientele of important financial and economic developments and thus help our clientele and prospective clientele understand our rapidly changing global economy and the implications for their livelihoods and wealth.
We focus on the medium and long term global macroeconomic trends and how they pertain to the precious metal markets and our clienteles savings, investments and livelihoods. We emphasise prudence, safety and security as they are of paramount importance in the preservation of wealth.

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Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. Past experience is not necessarily a guide to future performance.

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