Gold Takes Out All Stops As It Hits New Record, Approaches $1,280

09-16-2010 • ZeroHedge.com

Someone forgot to tell gold to crash today. The spot price for the next true currency, and self-imposed non-Fiat standard, was at $1,277, a fresh all time high, as it prepares to take out the stops at $1,280, which would send it promptly over $1,300. As Jim Rickards pointed out, the daily devaluation of gold and all fiat currencies continues as gold is now the only absolute that can not be diluted by central bank printing, and in a world of relative daily currency devaluation, it will increasingly be the benchmark against which to judge the bankers' desire to destroy their own paper money. And as the BOJ action demonstrated, gold is going much, much higher. In the meantime we expect blonde CNBC anchors to continue making fun of gold.