Gold Soars Above $700 A Ounce


Newly released unemployment figures sent gold prices above $700 and the stock markets plummeting today. U.S. employment fell for the first time in four years last month with steep declines in construction and manufacturing payrolls. As economists express fear that the worse may be yet to come, including a possible stock market crash and recession, gold reached a fifteen month high on the New York Spot Market, closing at $700.70, up $5.60.



Merrill Lynch, which accurately forecast gold to break $700 in September, has also forecast that gold could reach $1,500 in the next five years. Gold reached its all-time high of $850 per ounce in January 1980.


Analysts see gold's next target to be around $730 per ounce, the 26 year high reached in May 2006. "The market is bullish. Over the coming weeks and months, we will see an attempt to take the market higher towards the $730-$740 area," Peter Hillyard, head of metals sales at ANZ Investment Bank told Reuters. Dennis Gartman, editor of the prominent financial newsletter, Gartman Letter, wrote "This is a very real bull market in gold's favour; weakness is to be bought rather than strength sold."

Silver closed up $0.19, ending the day at $12.61. Platinum was also higher, gaining $7 to close at $1,297. You can see the most current spot prices at www.goldline.com.

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The Indomitus Report

This report is a few years old but it still makes interesting reading for anybody that uses ecurrencys.


"The coin is a delicate meter of civil, social, and moral changes...It is the finest barometer of social storms, and announces revolutions."
- Ralph Waldo Emerson, 1860,
"Essay on Wealth"

The start of the year is a fine time to assess the status of the free market money industry. The year 2004 saw remarkable growth in the volume of precious metals under management, the services available for free market money, and the features presented by free market money systems. We also saw some failures, most notably the evaporation of the evocash system after many years of successful operation.

Read the full report here.The Indomitus Report

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