Gold responds to Ron Paul's debate performance; up $13

[jonahtrainer]

The gold market has responded to Ron Paul's debate performance. Gold is up $13.30 per ounce on Sep 6th to $695.70 per ounce.

 

[nexalacer]

Damn! I won't be able to afford buying any gold until probably December! Damn Damn Damn!

 

[LibertyOfOne]

I just went up in net worth by a tiny fraction.

 

[Paulitician]

It's not the gold that's up... it's the dollar that's down

 

[expatriot]

The gold market has responded to Ron Paul's debate performance. Gold is up $13.30 per ounce on Sep 6th to $695.70 per ounce.

Dumb Question perhaps,

What basis (facts) support this? I don't see any news sources referring this.

If you have any relevant source for this it would be very instructive.

Just Curious, Thanks

 

[Abobo]

It's not the gold that's up... it's the dollar that's down

So very true.

I'm not really sure if Ron Paul really effected the gold market, but whatever the cause, a 2% move in one day is really dramatic. I just wish I had more money in my E-gold account.

 

[jonahtrainer]

It's not the gold that's up... it's the dollar that's down

Yes, you are correct.

As far as the gold price ... anyone who can't figure out how to check the spot price of gold ..... well I'll just keep my mouth shut.

GoldMoney.com is one place you can see the spot rate. Bloomberg.com shows the futures market. Kitco.com has lots of helpful articles.

Here is one of many articles on this 'historic' price rise. It should be noted that Aug 2007 was a near record high monthly close.

 

[expatriot]

I found it,

http://wonkette.com/politics/dept'-of-nerds/ron-paul-elected-president-of-text-messages-297136.php

I guess all those text messages released new liquidity into the market,
thus lowering the dollar (and by inverse, raising spoyt Gold)

harhar

 

[Dutch]

This chart is updated continuously. Just check back in a while to see it change.

Dutch

 

[jonahtrainer]

Dumb Question perhaps,

What basis (facts) support this? I don't see any news sources referring this.

If you have any relevant source for this it would be very instructive.

Just Curious, Thanks

The Efficient Market Hypothesis presumes the markets take into account all the knowledge available in prices. However, at the end of the day there are no 'news sources' that are authoritative as they are all opinions. The markets are just the markets and my contention is that all informed investors know that a Ron Paul presidency would be extremely bullish for gold and that his probability of becoming president has greatly increased. Yes, attenuated but it makes a good headline!

It looks like my hypothesis is still correct because spot gold is up another $6.00 to $700.50.

Long Live the Ancient Metal of Kings!