Gold Soars As Trading Reopens, Hits $88 Away from $2000

[Ares]

We may have been pessimistic with our assumption that gold would reach $2000 in under a week. At the rate it is going, it may get there tonight: upon reopening, gold immediately soared from just south of $1900, to a new all time higher of $1912 as pent up buying interest took out every offer in the market. This time around silver is not far behind and after many were staunchly pushing shorts around the $44 price, the metal also snapped above the $44 barrier. The only question we have is whether the CME will hike margins before or after gold touches $2000. Since the stop loss orders there are likely quite aggressive, we hope our Comex friends would push gold a little lower before it takes off for its next target 5-digit target. Incidentally, those who are long spam and short gold may want to consider unwinding that trade at this point.

Gold:
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/08/Screen%20shot%202011-08-22%20at%206.12.13%20PM.png

Silver:
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/08/Screen%20shot%202011-08-22%20at%206.17.28%20PM.png

http://www.zerohedge.com/news/gold-soars-trading-reopens-hits-88-away-2000

[platinumdude]

waiting for gold $5,000.

[Large Sarge]

so they always say markets are future looking, they see things ahead, and react....

Gold is moving beyond just Chavez/Venezuela factor IMO

I think Gold is seeing a monster QE3 on friday... or some big banks biting the dust? (maybe both?)

A massive bank failure would override concerns on inflation, and make a monster QE3/TARP program automatic....

So to me Gold is moving far beyond just what Chavez started....

[chad]

no qe3 announcement on friday. market tanks. turmoil, dogs and cats living together, panic. obama pitches his "big announcement" after labor day to save us all from what has happened.

[palani]

obama pitches his "big announcement" after labor day to save us all from what has happened.

As palani places his fortunetelling cap on: "Forty acres and a mule for everyone, a chicken in every pot, let 'em eat cake".