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Gold’s winning streak continues

February 18, 2009 by  

Fearing inflation and further economic instability investors are buying more gold driving up pricesAs stock markets sink following the signing of the economic stimulus package, precious metals are seeing the highest prices in many months.

The traditional safe haven is becoming a mainstream asset as investors fear inflation and continuing economic uncertainty, according to

"[Gold] is moving more toward the mainstream. There are retail investors, but it is also becoming part of the asset allocation of larger fund managers having a portion in gold," said Axel Merk, portfolio manager of Merk Mutual Funds, which have more than $310 million of assets, as quoted by the website.

For that reason, he added, "we are far away from the top of the gold market."

In Singapore at 2:06 p.m. on Wednesday gold for immediate delivery was trading at $973, while gold for April delivery was up 0.7 percent at $974.40 in after-hours electronic trading on the Comex division of the New York Mercantile Exchange, according to Bloomberg.

On Tuesday, President Obama signed the stimulus package passed by Congress last Friday hailing it as "the beginning of the end" of the financial crisis. However, the stock market failed to be convinced as the main U.S. indices fell by almost four percent.

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  • Florida Girl

    As it becomes mainstream the metal becomes harder and harder to find as mints struggle to keep up with demand. Based on this the price will surely continue to rise.

    • Jim

      I do not believe metal will become harder to find, new gold is avalible in all but one or two states. Besides the amount of gold offered to investor isn’t what drives the prices, its the trading and not trading of gold that effects gold price. For example when one person ownes all the gold, he can set the price at which it will be sold at-the prices soar. The more people that own gold, the stabler the price.

  • Bob Livingston

    People concerned with preserving their assets are catching on to gold. And it has indeed become a mainstream asset as investors fear inflation and continued economic uncertainty.

    Gold is real money and government money is fiat. Now is the time to exchange your paper money for real money before we have absolutely skyrocketing prices. Actually gold is still cheap because based on the 1980 high of $850 gold should be at $2300 an ounce. So gold is still cheap and we need to think of it as cheap as we accumulate it.

  • waltinseattle

    there is also the very nice prospect of good return with gold mining stocks, according to WSJ.

    Personally, without business as usual, gold has little intrinsic value. a lot less than lead and brass…..

  • paul isaacson

    no one has offered any sensible explanation for the gold bubble,
    several multiples beyond traditional ratios, such as 20:1 silver,
    maybe following platinum, but in either case, why?
    then their is the old warning i’d expect to see on sites like this,
    your gold and silver will rust(cancre actually) and consume your
    flesh and testify against you.

  • Deanna

    Gold is GOLD. It has never been worthless and never will be. Obtain knowledge about it and the wisdom needed to apply that knowledge. Then obtain the gold.

  • Sign Guy

    I recently learned something the hard way. Gold coins I bought from
    Capital Gold Group I later found at local coin shops for 30 to 50
    percent less. DON’T buy gold from anyone until you’ve shopped around
    and verified that you’re not going to get screwed, even if they
    advertise on religious radio stations!


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