Gold Prices Hit Record Levels Following S&P Report

0 Shares

Gold prices hit record levels following S&P reportA downgraded credit rating for the United States has lifted gold prices to record levels.

For the first time ever, gold prices exceeded $1,500 an ounce on April 19. The spike came a day after Standard and Poor's latest outlook on America's long-term debt, which went from "stable" to "negative." Standard and Poor is one of three major financial agencies that rate the ability for nations to repay their debt.

The price of gold has steadily increased in recent months as many Americans have shifted their focus to wealth protection amidst a shaky economy and tumultuous activity overseas. Standard and Poor's dour forecast was the latest hit in a steady stream of events casting doubt on the stability of the U.S. dollar.

Carlos Sanchez, the director of commodities management at CPM Group, a market research organization, told CNN that gold prices could reach as high as $1,550 in the next couple of weeks. The May deadline for the government to raise the debt ceiling will likely have a significant impact on the precious metals market.  

Personal Liberty

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 yousoundoff@personalliberty.com 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

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.