No Bank Should be Considered too Big to Fail - Jamie Dimon, J.P. Morgan Chase CEO

"As Treasury Secretary Timothy Geithner recently put it, 'No financial system can operate efficiently if financial institutions and investors assume that government will protect them from the consequences of failure.' The term 'too big to fail' must be excised from our vocabulary.  - Jamie Dimon, J.P. Morgan Chase CEO WSJ

Gold ends at new record, after topping $1,100

Gold futures for immediate delivery ended at a new record closing level on Friday, after news that the U.S. unemployment rate rose above 10% fueled expectations the Federal Reserve will keep easy money available at least well into next year. Gold for November delivery rose $6.40, or 0.6%, to end at $1,095.10 an ounce, the highest closing level for a front-month contract. The more-actively traded December contract gained $6.40, or 0.6%, to $1,095.70. December gold earlier hit a record intraday high of $1,101.90 on the Comex division of the New York Mercantile Exchange. MarketWatch

India has bought 200 tons gold from IMF

1) The IMF on Monday announced the sale of 200 metric tons of gold to the RBI, almost half of the total sales volume of 403.3 tons.

2) For India, the purchase is a hedge against a falling dollar.

3) China, Russia and Brazil are also shifting their reserves to gold.

4) The total sales proceeds were equivalent to US$ 6.7 billion at an average gold price of $ 1045 per ounce.

Conclusion: This is more evidence that the world is losing faith in the dollar.

Gold hits a record near $1,100

December gold jumped $10.10 to $1,095 an ounce, after hitting an all-time trading high of $1,096.20 an ounce earlier in the session. On Tuesday, gold closed at a record $1,084.90 an ounce.

Gold, which is up 23% this year, surged on Tuesday after the International Monetary Fund said it sold 200 metric tons of the precious metal to India's central bank. CNN

Going to the Top of the Gold Bubble

Gold has a ways to go...

Historical Valuation...

 

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