Gold matches record winning run on debt talk fear

Gains in crude oil, a plunge in U.S. consumer confidence and concerns about euro zone debt contagion also helped the metal to its largest two-week gain in over two years, rising more than 7 percent since the start of July.

Gold should rise to record highs above $1,700 an ounce in the next few months, based on technical charts. One analyst said that in theory, it could reach a shocking $5,000 an ounce should equity markets correct sharply. 

 The latest from shadowstats (via groovygirl)

- Economy Falters as Key Indicators Put in Worst Performances
- Higher Energy Prices Create Broad Inflationary Pressures
- Despite Short-Lived Dip in Gasoline Prices June Annual Consumer Inflation Held at 32-Month High
- June’s Annual Inflation: 3.6% (CPI-U), 4.1% (CPI-W), 11.1% (SGS)
- Annual“Core” Inflation in a Steady Upside Move Since QE2

John tells us that gold and silver are nowhere near a top. The (John’s real) inflation-adjusted high in gold from 1980 would be $8,545 today. And silver would be $497. Ben can devalue all he wants, but gold and silver always end up finding the real value of the currency they are priced in.  

Jim Sinclair - Gold Milestone at $1,764 Paves Way to $12,000

However, a move above $1,764 would be the equivalent of $524.90 in the sense that you would go from the runaway that was born at $524.90, into a hyperbolic market.  The key to all of this is $1,764 and you will go above that level, but what that does is lock in five figures on the price of gold.  A move above $1,764 brings into focus prices as high as $12,000, so we are are approaching the most critical milestone in the entire gold bull market. 

very interesting chart from Jim Sinclair's blog  (and a couple other ones about bonds/utilities)