LONDON (Reuters) - Gold and silver hit multi-month highs in Europe on Wednesday, with gold breaking above $1,250 an ounce for the first time since late June, as investors bought the metals amid concerns over the pace of U.S. economic growth. Spot gold hit a high of $1,251.45 an ounce and was at $1,250.55 an ounce at 0920 GMT, against $1,248.99 late in New York on Tuesday. Silver hit its highest since May 17 at $19.53 an ounce and was later at $19.42 an ounce against $19.34. Deutsche Bank analyst Daniel Brebner said concerns over economic activity in the United States were leading to "a growing acceptance that if conditions remain poor or deteriorate further, the Fed will move to support growth."
LONDON (Reuters) - Gold and silver hit multi-month highs in Europe on Wednesday, with gold breaking above $1,250 an ounce for the first time since late June, as investors bought the metals amid concerns over the pace of U.S. economic growth.
Spot gold hit a high of $1,251.45 an ounce and was at $1,250.55 an ounce at 0920 GMT, against $1,248.99 late in New York on Tuesday. Silver hit its highest since May 17 at $19.53 an ounce and was later at $19.42 an ounce against $19.34.
Deutsche Bank analyst Daniel Brebner said concerns over economic activity in the United States were leading to "a growing acceptance that if conditions remain poor or deteriorate further, the Fed will move to support growth."
(Not really, it's a mineral with an unlimited supply, unlike oil...)
(Not really, it's a mineral with an unlimited supply, unlike oil ...)
I realize we don't burn the stuff but unlimited supply ? In the end, might makes right. Nothing has changed since the caveman.
... there's a lot more gold than oil ...
In what units? In the end, might makes right. Nothing has changed since the caveman.
And there's an awful lot of cubic metres in the sea. keep to the Fen Causeway
There's also plenty of gold dissolved in the rock of the mantle and at the center of the core. "Wood calculated that 1.6 quadrillion tons of gold must lie in Earth's core." That's 10*15 tons assuming he's using the modern numbering system. http://discovermagazine.com/2006/sep/innerfortknox Vs. 6000 billion barrels of oil in place, which is 6x10*15 http://www.eia.doe.gov/pub/oil_gas/petroleum/feature_articles/2004/worldoilsupply/oilsupply04.html
Vs. 6000 billion barrels of oil in place, which is 6x10
So they're actually not that far off from each other--within the error of these estimates at least. I'm surprised...
