Gold Closes At Record High
Gold closed at a record high today of $1,237/ounce but surged to nearly $1,250/ounce in intraday trading. The gold ETF, GLD, also reported record inflows this week of $2.3 billion dollars. The ETF also disclosed a record 1,185 tons of gold as distrust in global fiat currencies pushed investors to seek more tangible assets. Gold has hit a high against every major currency, with the exception of the Canadian dollar.
Buoyed by gold’s action, silver has also seen some price movement. After dropping as low as $15.13 in February 2010, it has jumped nearly 30% to 19.52. (Silver prices hit $19.70 today in intraday trading).
Seems like Marc Faber was right about gold being a bargain at $950/oz! Since that post about 2 years ago, gold prices are up about 29% versus the S&P 500 which is down about 8%.
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July 28th, 2010 at 3:26 pm
My friend bought 5 coins last year at about $930. I was with him and told him he was crazy. Now I’m wishing I got some but I’m also wondering if it’s too late or too high to buy gold. My friend is getting silver now and I want to follow him but I’m just weary of these investments.
August 19th, 2010 at 10:47 am
Gold is a scarce and precious resource that continues to holds its value against fiat currencies. A true safe haven against inflation, gold provides stability as it is in limited supply as opposed to our money supply which can fluctuate with the crank of a printing press.