All-Time High Gold Close: $1247.50
Were it not for the price capping game that continues at the Comex, it would be considerably higher for in real terms (adjusted for inflation) it remains nearly 45% below its all time high priced in US Dollars.
Gold rose to exactly the May high before running into selling resistance. Gold has to break out above $1,250 tomorrow or it will drift back down into the trading range.
If gold manages to close above $1,250, look for a push to the next important threshold, 1272.60.
Here is some more interesting information on the Gulf Oil Volcano
A Russian scientist, who holds the record for the deepest freshwater dive, was employed by BP to assess the damage from the blown well. Here is his report:
A dire report circulating in the Kremlin today that was prepared for Prime Minister Putin by Anatoly Sagalevich of Russia’s Shirshov Institute of Oenology warns that the Gulf of Mexico sea floor has been fractured “beyond all repair” and our World should begin preparing for an ecological disaster “beyond comprehension” unless “extraordinary measures” are undertaken to stop the massive flow of oil into our Planet’s eleventh largest body of water.
According to Sagalevich’s report, the oil leaking into the Gulf of Mexico is not just coming from the 22 inch well bore site being shown on American television, but from at least 18 other sites on the “fractured seafloor” with the largest being nearly 11 kilometers (7 miles) from where the Deepwater Horizon sank and is spewing into these precious waters an estimated 2 million gallons of oil a day.
Here is the link to the entire article (must-read) if you want some more truth: Much Worse Than BP Admits
Does anyone REALLY think $20 billion is going to even come close to covering the cost of this? At this point it may not be about the cost of just preserving the Gulf ecology, but this could develop into a global environmental/atmospheric disaster.
The question pondered by The Golden Truth is, as what point should the U.S. Government launch a criminal investigation into BP’s operations in order to determine exactly what laws and regulations were violated, and how many corners were cut to save costs, in leading up to what looks like something that could have been prevented? At what point will the American people, or even the world, hold the top officers and directors of BP criminally liable?