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Message:: [QUOTE="leoq, post: 705113, member: 20092"]Copied from <a href="http://www.goldline.com" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.goldline.com" rel="nofollow">www.goldline.com</a> Gold hit a new all time record on the New York Spot Market today in what some have described as gold's "longest rally since... 1948" (10/06/09, Bloomberg, "Gold Jumps to Record as Inflation Outlook Fuels Investor Demand"). The dollar continued to suffer from inflationary concerns as well as market "chatter" regarding possible challenges to the dollar as the world's reserve currency. A British newspaper reports "Gulf Arabs are planning- along with China, Russia, Japan and France - to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency.... The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years."(10/06/09, The Independent "The Demise of the Dollar"). Several oil-producing nations have denied this report.According to the chief investment officer of a California investment management firm, "Gold has just begun its ascent...As central banks print more and more money, the private demand for gold as an investment and inflation hedge is destined to grow. It's pretty clear that gold will be at $2,000 by 2012, and it could happen a lot faster." (10/06/09, Bloomberg, "Gold Jumps to Record as Inflation Outlook Fuels Investor Demand")*As of 9:00 a.m. PDT, gold was trading at $1,041.70 on the New York Spot Market, up $23.50. Silver traded up $.70 at $17.36. Platinum traded at $1,323.00 up $19.00.[/QUOTE]

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