Gold Tops Last Year’s High
I’ve been spending the past few days writing and re-writing B-school essays for the Jan 3rd deadline. Wasn’t going to post until the 4th, but with gold breaking previous records, I just had too!
Gold is currently trading for $857/oz, beating the previous high of $850/Oz that was set 28 years ago! (although the intra-day price was nearly $875, it didn’t close at that price). Gold was up a stellar 37% in 2007. How does that compare to other investments?
Dow Jones: 6.4%
S&P 500: 3.5%
NASDAQ: 9.8%
Oil : 57%
Shanghai : 96%
Brazil: 76%
India: 74%
Ireland: -25%
Venezuela: -29%
According to CNNMoney, the best and worst US real estate markets in 2007 were:
Bismark, ND: 15.3%
Salt Lake City: 14.5%
Yakima, WA: 13.6%
Binghamton, NY: 11.4%
Charlotte, NC: 11.0%
Palm Bay, FL: -12.4%
Sacramento, CA: -10.5%
Sarasota, FL : -10%
New Orleans, LA : -8.2%
Hagerstown, MD : – 8.0%
So what lies in store for 2008? Will gold hit $1,000/Oz and oil $125/barrel? Will the average national house price which dropped 3.3% last year drop another 3-4%? I bloody well hope so!
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- Another Case For Gold Today's post is an excerpt from What If Stocks Were Priced In Gold? posted at Experience Is Everything. While the post is incredibly interesting it is rather long. The portion I've quoted explains why gold will likely outperform the dollar and stocks over the next few years. It follows that......
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