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SUNDAY, NOVEMBER 22, 2009
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 $1,038 AN OUNCE 
18

Gold Prices Hit All-Time High

Investors hedge against inflation in all currencies

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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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18 comments
VIEWING:
 
Timinator2K
Oct 6, 09 12:13 PM CDT
What goes BOOM, tends to BUST. Reply
Vote up! Vote down!
+1
IN RESPONSE:
Mafu
Oct 6, 09 12:29 PM CDT
Not really a boom though, If it went from $600 to $1000, then I would expect a quick low. But this increase is many years in the making.
Vote up! Vote down!
+3
IN RESPONSE:
dontlikeyou
Oct 6, 09 1:43 PM CDT
The only thing which will bust will be the US dollar, unfortunately. Obama seems intent on ensuring this will happen.
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-3
IN RESPONSE:
Toon
Oct 6, 09 4:12 PM CDT
So was the tech bubble and the housing bubble, Mafu
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0
IN RESPONSE:
Yourself
Oct 6, 09 4:16 PM 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!
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+1

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