Wednesday, 9 April 2008

First gold records fall! 2007-11-07

Wednesday 7th November 2007: 8.30pm

Well, I just saw two articles claiming a new all-time high for gold today. First, Gold settles at record high on CNN Money linked from Kitco and then Gold closes at record high of $833.50 an ounce linked from So many links - I must like sending people off my site!

So what of it? Of course, with so many different closing prices, London fixes and intraday prices, it will be a while perhaps before the 1980 records are definitively exceeded. The intraday high that Jim Sinclair remembers in the front month futures contract was, I think, $887.50 in April 1980 gold futures on 21 January 1980, my Dad's 65th birthday. If only he had filled his pension scheme with Krugerrands! We would not be living in this dump.

So today's first 'technical' record high is actually a milestone because it is a closing price, that of the near month contract in gold futures. Today, it closed at $833.50, against the previous record close of $825.50 set on 21 January 1980.

So this is it! What a great time to be only a few days into my re-started gold blog! :-)

Today I sent some of my lowest grade gold coins to the bullion dealer for selling to celebrate, well, actually to raise some cash. Here in the UK, we are also past £400 per ounce. Some of these coins were bought when gold was around £200 an ounce in 2002. Four hundred seemed a long way in the future back then - even 400 dollars!

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