Gold Breaches $800 - Friday 2nd November 2007. After the London Close, NY Spot Soars
Late on Friday afternoon, after the London market closed, gold rose strongly in New York, to break through the psychological $800 per ounce barrier. It has been threatening to break through this level all week, and indeed hit a new All Time High in Pounds Sterling on Monday morning.
Although profit-taking appears top have dipped the price to $802 in London early trading on Monday 5th November, by the a.m. fix, it was $805.50 for yet another 27 year high. We could see fireworks later today.
Monday's afternoon fix showed a continuation in the upward trend, with a yet another all-time sterling high, and another 27 year record dollar high.

Heading for $850+ New All Time Dollar High?
During 2007, and increasingly in recent months, more analysts, economists and other experts have been forecasting gold to reach and exceed its all time high, in US dollar terms, this year, or sometime soon. This latest breakthrough move may be the start of a surge through the all-time US dollar high of $850 on 21st January 1980, and perhaps the harbinger of the next gold rush.
November should be an interesting month for gold! 2nd November 2007.

More Forecasts
Over the weekend, we have seen forecasters bring forward their timescales for gold hitting various target figures, from $850 and $900 to $1000. One Australian news site pointed out that at the rate of increase on Friday, gold could hit new dollar highs in as few as 3 days trading.

Citigroup
After Friday's close, Citigroup, owners of Citibank, the world's largest bank, announced it was to hold an emergency board meeting this weekend. Our initial thought was that this announcement had pushed gold higher, but on looking at the timing, gold had already jumped before the announcement. Whether gold will jump further on Monday as a result of the Citigroup meeting remains to be seen. 3rd November 2007.

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