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Gold Prices Hit All-Time High

Investors hedge against inflation in all currencies

By Kevin Spak,  Newser Staff

Posted Oct 6, 2009 12:04 PM CDT
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(Newser) – Gold leapt to $1,038 an ounce today, the highest price on record, as investors bet that global stimulus efforts and rate cuts will cause rampant and widespread inflation. The precious metal’s on pace for its ninth straight positive year; the previous record was set at $1,033.90 in March 2008.

“Gold is acting like the ultimate currency,” one market watcher told Bloomberg. “Central banks are following the same monetary course and trying to stimulate and inflate their way back to growth. Everyone’s concerned about the dollar, but it’s not like you can hate the dollar and fall in love with the euro or yen.”

In this March 13, 2008 file photo, gold coins and bars are shown at California Numismatic Investments in Inglewood, Calif.
In this March 13, 2008 file photo, gold coins and bars are shown at California Numismatic Investments in Inglewood, Calif.   (AP Photo/Nick Ut, file)
An Israeli Archaeologist displays a handful of 7th century Byzantine-period coins in this file photo.
An Israeli Archaeologist displays a handful of 7th century Byzantine-period coins in this file photo.   (AP Photo/Kevin Frayer)
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COMMENTS
Showing 3 of 12 comments
Yourself
Oct 6, 2009 9:19 AM CDT
you're both right, and you're both wrong. Buying gold is almost always a good thing, so long as it'd done for the long term, same with housing. However, housing was so artifically propped up and trumpeted and a quick investment that it was bound to die off like it did. Buying a house is never supposed to be for a 0-5 year time frame like they were having people do. The problem isn't the gold, the stocks our the houses, it's the quick-greed thatpeople have that is a problem!
Yourself
Oct 6, 2009 9:16 AM CDT
@dontlikeyou - last time i checked, it was rather hard to stop a train going a mile a minute for 8 years in just 10 months. The drop of the dollar's been going on for a long time now, i'm no fan of some of his policies, but i sure don't blame him for the dollar's demise!
Toon
Oct 6, 2009 9:12 AM CDT
So was the tech bubble and the housing bubble, Mafu

 
inflation • market • gold • commodities

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