GOLD PRICES & THE DOW COULD BE HEADED FOR 1:1 RATIO

Gold prices moved past $1180 Monday, up $4.80 to $1,185.50 an ounce at the Comex division of the New York Mercantile Exchange at 7:30 AM PDT. Silver was rising with gold prices, up 8 cents to $18.72 as of. (NYMXE)

Key forces driving the market are the resolution to the Greece debt crisis, which gives Greece 110 billion euros from a joint IMF and European Union financial aid package by May 19. In return, Greece will enforce harsher measures such as salary and pension cuts for public-sector employees, a hike in the retirement age, tax raises, and an end to annual two-month bonuses. (The Street, 5/3/10)

Crude oil advanced in trading Monday as traders looked to upbeat economic reports and potential decreases in supply resulting from the oil spill in the Gulf of Mexico. Crude rose 0.6%, to $86.65 a barrel on the Comex division of the New York Mercantile Exchange. (Marketwatch, 5/3/10)

Stocks are currently higher after improved economic reports and a merger between United and Continental Airlines raised expectations about a recovery. The Dow rose 144 points to 11,052 at 1:25pm EST, while the Nasdaq and S&P 500 were up as well. (Marketwatch, 5/3/10). United's acquisition of Continental for $3 billion and reports on manufacturing, construction spending and consumer spending boosted expectations that the economy is bouncing back.

The outlook for gold remains bullish according to several analysts. In an interview on April 30, Peter Schiff, president of Euro Pacific Capital, predicted gold prices and the Dow would resume their 1:1 ratio and push gold to a record high of $7,000 an ounce. According to Schiff, the 1:1 ratio, as occurred in 1980, is inevitable. "Gold has been money for 5,000 years for a reason," said Schiff. "We have a phony economy that's destined to collapse and the sooner it does, the sooner we can begin undoing the damage and building a real economy on a sound foundation where we can have lasting and meaningful prosperity." (The Street, 5/3)

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