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Wednesday, October 7, 2009

Gold Prices Rise to $1,500

As measured in U.S. dollars, gold prices surged to another record level, surpassing the $1,500 a troy ounce for the first time in history.

Investing legend Jim Rogers stated that while he wouldn't buy gold on these highs, he's also not betting against it either. Rogers is of course hoping it will drop, having said recently he would buy more gold if there is a drop or correction. For now he's sitting on gold.

Even though this is a record gold price high for gold as measured by the U.S. dollar, in terms of other currencies, it still has a way to go before enjoying that distinction.

In reference to the Australian dollar, it isn't even close to a gold price high, as it's still 30 percent lower than that currencies record, and against the yen it's 15 percent less than that gold price record.

This is a much a result of the collapsing U.S. dollar as it is concern over inflation and the uncertainty of the economic conditions.

Thursday, October 1, 2009

Fed Admits “Gold Swap Arrangements”

Ron Paul has been pressing the Federal Reserve concerning its outrageous practice of interfering in the gold market through “gold swap arrangements” with foreign banks.

Not only is this an outrage to investors, but the entangling alliances brought about through these arrangement aren't currently under any oversight; one of the reasons the Federal Reserve has been battling Ron Paul so hard on not being audited.

Federal Reserve Board member Kevin M. Warsh recently replied to a request from a lawyer of GATA under the U.S. Freedom of Information Act. concerning these gold swaps, saying, "In connection with your appeal, I have confirmed that the information withheld under Exemption 4 consists of confidential commercial or financial information relating to the operations of the Federal Reserve Banks that was obtained within the meaning of Exemption 4. This includes information relating to swap arrangements with foreign banks on behalf of the Federal Reserve System and is not the type of information that is customarily disclosed to the public. This information was properly withheld from you."

We need to get information from the Federal Reserve on these gold swaps, and also find out what else they are hiding.