Gold Breaks the $1000 Barrier

Well, it finally happened. Gold broke the $1000 per ounce price barrier intraday, closing above $990 for the first time ever.

Keeping in mind that 7 years ago in 2001 Gold was trading at about $270 per ounce, this is quite a stunning achievement for what was touted then as a “barbarous relic”. For something dug out of the ground that pays no dividends (although you can lease it for profit as the big boys were doing back then) Gold has put in quite performance.

But is that performance over? Is the Gold Bull dead?

Only time will tell for sure, but it seems that the Federal Reserve is perfectly willing to sacrifice the U.S. Dollar on the altar of the economy as clearly shown by the new lows on the Dollar index.

Gold, Silver, Platinum, Palladium and other commodities are the most likely beneficiaries.

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