Gold strikes record high after Fed comments

[CountAllVotes]

Gold jumped to a record high Tuesday after the minutes from the Federal Reserve's June policy meeting indicated the central bank might be open to more monetary stimulus.

Gold futures for August delivery climbed $13.10, or 0.9%, to a record high of $1,562.30 an ounce. In after-market electronic trading, gold rose as high as $1,574.30 an ounce.

The late-afternoon surge came after the minutes from the Federal Reserve's June meeting said "a few members" of the bank's Federal Open Market Committee said the bank "might have to consider providing additional monetary policy stimulus, especially if economic growth remained too slow to meaningfully reduce the unemployment rate in the medium run."

It's one of the first times the Fed has made any direct reference to a third round of quantitative easing. The most recent round of quantitative easing, nicknamed QE2, ended in June.

http://finance.yahoo.com/news/Gold-strikes-record-high-cnnm-996392141.html?x=0&sec=topStories&pos=6&asset=&ccode=#mwpphu-container

There is no inflation, there is no inflation. Repeat after me, there is no inflation!

GOT GOLD?

:dem:

[MineralMan]

1. I think gold is close to peaking. Time to call and place my order.

My investment strategy is always to buy at the peak.

BUY GOLD NOW! IT'LL NEVER BE HIGHER! DON'T WAIT! CALL NOW!

[CountAllVotes]

2. Wait until it hits $5,000 an oz.

That may be the reality of gold in the not too distant future.

Got gold?

I think the usmint.gov might have some for sale. :)

[MineralMan]

3. Nah. Ron Paul says the gubmint sold all the gold.

[Art_from_Ark]

13. They have some gold for sale

but it's a bit on the pricey side.

[roomfullofmirrors]

27. nothing out on the horizon indicates a current peak on gold prices

[Taitertots]

4. Inflation is not a problem

Every index I have seen indicates that inflation is moderate and not problematic. Do you have any quantitative data that shows that there is high inflation?

[CountAllVotes]

5. here:

http://inflationdata.com/inflation/Consumer_Price_Index/HistoricalCPI.aspx

[Taitertots]

6. Exactly, inflation is not a problem

http://inflationdata.com/inflation/Inflation_Rate/HistoricalInflation.aspx
Inflation is low.

[CountAllVotes]

7. these are the numbers - I-bonds at paying 4.6%

I-bonds based on the CPI have just reset on May 1, 2011 -- this is the highest reset rate in a very long time if you study the chart I posted.

This is the same index used to determine cost-of-living increases; supposedly does not show the cost(s) of food/energy.

It is pure B.S. and everyone knows it.

Have you been to a grocery store and/or a gas station lately?

Jan. 2011- 220.22 June 2-2011- 225.964

[pscot]

10. Only if you eat or drive a vehicle

[Yavin4]

11. Or need medical care

Paul Ryan vouchers only pay for the doc taking your temperature.

[Po_d Mainiac]

12. Fuck BLS and their contrived index

Here are hard numbers YoY on soft commodities and fuel. BTW 'softs' are every day things like FOOD and Clothing

Soy beans 1 year ago: $940 today: $1384 or $940/$1384

Corn $360/$690

Rice $12/$16.90

Wheat $460/$719

Orange Juice $145/$191

Coffe $190/$263

Sugar $21/$29

Cotton $80/$110

Oil $68/$98

WAKE UP!

Heating Oil $190/$310:mad:

[Art_from_Ark]

14. You might as well be shouting to a brick wall

There seems to be a contingent here who always insist there is no inflation despite the evidence to the contrary. For lots of folks, particularly those on fixed incomes, inflation is an all-too-real part of life.

[Taitertots]

17. What evidence? Did you finally find an index that shows that there is high inflation? n/t

[Po_d Mainiac]

19. agreed

It's easy to pick out the ones living in mommy's basement:rofl:

[Taitertots]

16. You can't cherry pick the highest increases and claim inflation

It just shows that you know nothing about inflation.

[Po_d Mainiac]

18. Pardon my ignorance potatokids

So put up your numbers. Facts only wood be refreshing. And keep to the DTD stuff. I know few people that purchase multiple refridgerators, flat screen entertainment systems or duel glazed windows on a per year basis.

Crickets in 5-4-3-

[Taitertots]

20. Here are the facts...

http://research.stlouisfed.org/fred2/categories/9

Where is the inflation?

[Po_d Mainiac]

21. most lines point up...u made my case

Food and Beverageup

Housing flat except rents which are up

Apparel flat

Transportation up

Medical Care up

Recreation flat

Education and Communication up

Other goods and Services up

Commodity and Services Groups up

Special Indexes up

[Taitertots]

22. The rate of change is what matters, not the arrow

Going up at low single digit rates, which proves there is no problematic inflation. The direction of the arrow is almost always up. It would be a significant problem if they weren't.

[Po_d Mainiac]

23. go back to your cubicle at the fed

A down arrow would only be a problem for the scum of this earth...The Banksters

[Taitertots]

24. Inflation hurts bankers, deflation hurts everyone

Moderate inflation and/or neutral pricing should remain the target for monetary policy. Our current policy of modest inflation is the best course of action for everyone.

[westerebus]

25. There's no velocity being created.

Without velocity in the money supply, inflation will simmer at low levels as there is no credit expansion.

Let's see what happens as the FED pulls the QE out of the system.

I'm thinking we will still get rising prices in base commodities as the economy contracts. Classic stagflation.

All of which will be blamed on the failure to get control of the deficit and inflation which are not the reasons for our problems.

We as a nation are not in a good place.

[Po_d Mainiac]

26. put up real numbers, not doctored dog shit from the fucking fed

[Taitertots]

28. Those are the real numbers

What index do you use?

[Po_d Mainiac]

29. From the diarrhea toned (beige) book

Quote:
Contacts from half of the Districts noted upward pressure from supplier prices—cotton was often mentioned—and other non-labor inputs, especially food and energy. Some retailers were able to pass through some cost increases, but for many, especially restaurants, profit margins were squeezed.

It's fucking called inflation!

[roamer65]

8. As I predicted. Here comes QE3.

[Po_d Mainiac]

9. It (QE) didn't work twice

Three ain't gonna be a charm.

[Art_from_Ark]

15. It might be a charm

if you're selling stuff that rich people want.