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Tuesday, July 23, 2013

Gold’s Real Inflation Adjusted High Is $7,150/oz



October 20, 2009 by · Leave a Comment 

Mark O’Byrne submits:

Gold
Gold is trading at $1.063/oz this morning and traded between $1,048/oz and $1,066/oz over the last 24 hrs. In EUR and GBP terms, gold is trading at €710/oz and £648/oz respectively. Gold continues to gradually eke out gains and consolidate at near record levels on continuing oil strength and dollar weakness. Buying of physical remains robust on all price dips and this bodes well for further record highs in the short term.

Most analysts have been wrong and bearish on gold in recent weeks, months and years and the predictions made by more bullish analysts that gold would reach its inflation adjusted high of over $2,300/oz were far from the consensus. But there is a gradual realization among some analysts that we are living in unprecedented financial and economic times and quantitative easing, near zero percent interest rates and the explosion of public debt on western governments’ balance sheets all mean that gold is very likely to reach its inflation adjusted high of 30 years ago at over $2,300/oz.

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