Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

As dollar slips, gold rises more than 2 percent

September 7, 2009 by  

As dollar slips, gold rises more than 2 percent Precious metal prices rallied on Wednesday as U.S. economic data caused the dollar to weaken again and prompted investors to look for safety.

The gold price finished near the high of $979.35, a gain of 2.2 percent, while silver rose to $15.46, marking a 1.9 percent increase on the New York Mercantile Exchange, as investors appeared nervous after a monthly unemployment report showed 298,000 jobs were lost in the private sector in August.

In addition to that, factory orders for July ended below most analysts’ expectations, and inflation fears were revived as the dollar slid as much as 0.6 percent against the euro.

"If inflation is going to rear its head, and there’s some economic data to support that, then we could see [gold prices move higher]," said Michael Khouw, director of equity derivatives for Cantor Fitzgerald LP, quoted by the Wall Street Journal.

As Wednesday’s closing price of gold was at a near three-month high, trading in shares of metals companies such as Gold Fields and Yamana Gold was strong in the options market.
ADNFCR-1961-ID-19345637-ADNFCR

Personal Liberty News Desk

Facebook Conversations

Join the Discussion:
View Comments to “As dollar slips, gold rises more than 2 percent”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

  • s c

    My opinion on this topic won’t change anything. However, in case anyone is wondering, there is one basic reason why gold is so volatile (and will stay that way). China knows it. India knows it. The rest of the world knows it.
    AMERICANS AND THE REST OF THE WORLD ARE FASTING LOSING THEIR FAITH IN THE DOLLAR! This should not come as any surprise, especially when our government has spent many years (via corrupt politicians) trying its best to destroy the dollar.
    The prize for this behavior is the total enslavement of the American people. Either you know this, or you are in deep, irreversible denial, friends.

    • DaveH

      The people who keep their money in cash savings are going to be totally screwed. Sad, but true.

    • James

      SC, Since May 21 gold has been trding at $950-%990 per ounce. When it breaks the $1000/Oz. resistance, then we’ll see how volatile it is. I say $1500/Oz. isn’t unreasonable. Let’s remember, back in 1933 when FDR took office, gold was $25/0z, and a double dip ‘real’ icecream-cone (with a cherry on top) was a nickel. From $25/Oz. to $1000/Oz. is a 4000% increase in price. Gold didn’t become more valuable, the paper dollar just bought less. I would suggest those who hold cash should trade it for silver bars – not coins – FDR confiscated people’s gold, but not silver. President Obama is FDR in spades (no pun intended).

  • Mung

    Well folks, get some real money to preserve the purchase power.

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.