At $832 an Ounce, All That Glitters Is Gold

Economic uncertainty drives price toward 1980 highs

By Jim O'Neill, Newser User

Posted Nov 12, 2007 3:05 PM CST

(Newser) – Gold’s lure as a safe haven from economic upheaval has Wall Street worried that investors are turning their backs on the markets, reports the LA Times. Gold prices have pushed steadily toward $850 an ounce, a level it hasn’t seen since 1980. "The markets' statement is that the US has lost its way," said one economist.

Globally, most commodities are up. Gold’s price has risen rapidly for 3 months; one analyst projects it will reach $3,400. But experts counsel caution. After 1980, as the economy recovered from inflation and a struggling dollar, gold fell to $250. Treat gold like other investments, the pros say: Make it part of your portfolio, and be ready to sell.

Gold prices break $800 high during trading. (Getty Images)

Gold is nearing $850 an ounce as economic worries continue. (Magnum Photos)

Gold, like most commodities, is on a steep upward price swing. (Getty Images)

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At $832 an Ounce, All That Glitters Is Gold

Economic uncertainty drives price toward 1980 highs

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More Newser Stories

Glenn Beck's Paranoia Is a Gold Mine

Gold to guns, scribe says there's profit to be made off right wingers

IMF OKs $11B Gold Sale

Global lender will also cut staff, change biz model

Nervous Investors Scoop Up All the Gold They Can

It's at a record high, with no sign of slowing down

Classy ATM Spits Gold, Not Cash, in Florida

Machine installed in a shopping mall

We Must Return to the Gold Standard

Our sagging economy proves that it's time to stop conjuring dollars

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At $832 an Ounce, All That Glitters Is Gold

Economic uncertainty drives price toward 1980 highs

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OTHER STORIES ON OUR RADAR

global economy • investment • gold • commodities • gold prices

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Glenn Beck's Paranoia Is a Gold Mine

Gold to guns, scribe says there's profit to be made off right wingers

IMF OKs $11B Gold Sale

Global lender will also cut staff, change biz model

Nervous Investors Scoop Up All the Gold They Can

It's at a record high, with no sign of slowing down

Classy ATM Spits Gold, Not Cash, in Florida

Machine installed in a shopping mall

We Must Return to the Gold Standard

Our sagging economy proves that it's time to stop conjuring dollars

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?