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Gold Prices Continue Climb To Record Heights

August 9, 2011 by  

Gold Prices Continue Climb To Record Heights

The price of gold topped $1,700 an ounce Monday, as investors continue to place their confidence in metals over currencies. The European Central Bank had attempted to allay fears by widening its bond-buying programs to include Spain and Italy, but traders remain nervous.

“The question right now is if gold will be allowed to move much further. There has been a huge build-up in speculative and long positions across the board over the last couple of weeks, but I suppose that central banks buying more bonds is not helping the overall worry about how the economies are going to do over the months ahead,” Saxo Bank senior manager Ole Hansen told Reuters.

Markets are still waiting for the fallout from Standard & Poor’s Friday downgrade of the United States’ sovereign credit rating, which may or may not impact the U.S. treasury bonds’ status as a “safe haven” for investors.

“Investors are watching for any statement on whether the Fed will ease monetary policy further. The Fed’s $600 billion quantitative easing program, which ended in June this year, has been instrumental [in] gold’s rise, even if adjusted for inflation, the bullion price remains well below the all-time highs above $2,000 in the early 1980s,” the article read.

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  • Al Sieber

    Good article Marcy, I think $2200 by the end of the year, or January is realistic, but then what will a dollar buy?

  • James

    Too many speculative long positions in gold could backfire and cause its price to fall some, but in the long run the gold price simply reflects the amount of dollars in circulation, which for the foreseeable future will be inflated by evermore borrowing.

  • home boy

    the high price of gold also tells a tale of hard times to come. the higher the price the worse the economy

  • Darrell Pryor

    .Having gold and silver is alright,but owning land where you can grow your own food is just as good,if not better,after all you can’t eat gold or silver.

    • Al Sieber

      You’re right Darrell, lead is the best.

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