Gold Prices Hit Record Amid American, European Economic Struggles
Gold prices recently reached a record high, in large part because of the sovereign debt crisis in Europe and the impending debt ceiling deadline in the United States.
The yellowish metal peaked at $1,609.51 an ounce, according to Reuters. The price of gold settled a bit but it has been climbing steadily since July 12, when the minutes of the Federal Reserve's June policy meeting were released, indicating that another economic stimulus could be on the way in the U.S.
CNNMoney reports that such action could undermine the value of the American dollar and, in turn, drive up the price of gold.
"I think people are coming to realize that the economy is weakening again and the government might see a need to try to stimulate the economy further," Joe Foster, a portfolio manager with the Van Eck Global International Investors Gold Fund, told the news source.
Gold has also been driven up by activity on the other side of the Atlantic, where Greece, Spain, Italy, Portugal and Ireland are in danger of defaulting, reports Bloomberg.
Special To Personal Liberty You Sound Off! is written by our readers and appears the last Wednesday of each month. If you would like to submit an article or letter to the editor for consideration for You Sound Off!, send it to firstname.lastname@example.org by the Friday before the last Wednesday of the month. To be considered, a submission should be 750 words or less and must include the writer's name, address and a telephone number. Only the writer's name will be published. Anonymous submissions will not be considered.
Join the Discussion:
View Comments to “Gold Prices Hit Record Amid American, European Economic Struggles”
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 email@example.com