Gold above $1700!!

I do vote. I voted for teaparty members!

 

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Jumping again right now - just turned $1732.90 an oz!!! This is almost getting silly. Think it will go up $100 an oz or more within 1 week?

EDIT: Now $1734.80!
EDIT AGAIN: $1738.40!!! GEEZ!
HAHA EDIT AGAIN: $1741.30 THIS IS MADNESS.
YUP EDIT AGAIN: $1743.00 So WTF just happened?

 

Higher than platinum now!

 

People are running to gold as a safe haven! 88+ dollars in one day

 

Holy crap! I didn't even notice! So did somthing just happen that I am not aware of or what?

 

Stocks dropped 5-6% and gold rose inversely accordingly. I'm not sure why the PGM's are dropping, but probably because gold is king. Big surprise here, I am still buying silver. Gold's too pricey for me.

As far as specifics, there is just so much going on right now. China is officially calling for IMF Special Drawing Rights to expand the currency basket and replace the USD as the world reserve currency and I think the possibility of that is a lot heavier than the debt downgrade. It doesn't help that Italy was having bank runs over the weekend, had to get bailed out along with Spain, and now Germany is pretty much saying they don't want to be on the hook for over 100% of their GDP. Japan just did a market intervention, and both they and Switzerland and are doing their own verisons of QE.

My point is, there doesn't need to be a something else. Enough has happened and people are rushing to safety.

[edit]
Just saw BOA is down 20% today. I figured this was coming after their multibillion dollar lawsuit, and already got most of my cash out weeks ago. I bet this is weighing in on markets as well.
[/edit]

 

$1742.......

 

$1748.30... wow, just wow.

 

It's going to be a scary world when the dollar is no longer the reserve.

 

So at this rate I guess i'll be the first to say it... Think we will see $1800 this week?

Now at $1753...

Also just noticed that Rhodium is down to $1825 an oz... and dropping. Glad I didn't buy any of that!

 

It just went up 10 since my last refresh. At this rate we'll see 1800 before I go to bed (highly doubtful). This is looking reminiscent of the silver run up to 50, although this is a different situation and the reasons behind the rise in gold are much stronger so I wouldn't be surprised at all if you are correct.