Gold: Highest Price in History at $1,910 an ounce

Gold: Highest Price in History at $1,910 an ounce

New York City : NY : USA | Aug 23, 2011 at 8:02 PM PDT
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My precious metals Collection *SIlver,Gold,Copper*

August 24, 2011

Do you have any gold artifacts around the house or perhaps a wedding band from a previous marriage? Now is the time to think of selling them.

Gold is priced at its highest in history at $1,910 and is expected to reach $2,000 an ounce for the precious stuff by December bringing the yearly total to 41% percent gain. If you are buying gold jewelry for Christmas presents, you might want to start shopping now.

The increase is attributed in part to investors buying binge as they seek to protect themselves in an unstable world economy with speculators predicting the global economy will continue to slow.

The lovely metal is up 16.8 percent just in August and will most likely be the best performance since 1999.

“Gold has continued to blast ahead even with a relatively strengthening U.S. dollar, strongly performing treasuries and other safe havens,” Peter Richardson, chief metals economist at Morgan Stanley Australia Ltd., said by phone from Melbourne. “All of that tells me that this is really all about preserving real purchasing-power,” reported by Bloomberg.

Platinum also gained to its highest in three years at $1,879 on August 23, 2011.

The metal is gaining for an 11th year, advancing 34 percent, as holdings in exchange-traded products reached a record on Aug. 8 and central banks added to their reserves for the first time in a generation.

If your bank account is a bit more modest, then consider Silver. It’s priced at a mire $43.57 an ounce.

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Gold topped $1,900 (S$2,288) per ounce for a new record on Tuesday but pulled back sharply in later trade as bulls returned to Wall Street and the euro made an upward jump. -- ST PHOTO: GEORGE GASCON
Dava Castillo is based in Clearlake, California, United States of America, and is an Anchor on Allvoices.
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