gold prices

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US Recovery Taking the Shine Off Gold

Prices dropping as investors gain confidence

(Newser) - Gold prices surged more than sevenfold in the decade after 2001 but after peaking at $1,920 per ounce last September, prices been falling rapidly as the US economic recovery creates better alternatives for investors, reports the Financial Times . Yesterday, gold hit a 10-week low of $1,627.68—down... More »

Stocks Up, Gold Down as Markets React to Deal

Investors wait to see if US credit rating could be downgraded

(Newser) - The debt ceiling deal quickly helped calm hyperventilating markets, with S&P 500 stock futures up 1.5% on overnight trading, Asian stock markets up, and gold down, reports Reuters . But with the US dollar mostly unchanged, long-term US treasury bonds down, and the continued threat of a downgrade to... More »

Gold Cracks $1,600 for New Record

Stalled debt ceiling negotiations contribute to soaring value

(Newser) - The price of gold has topped $1,600 per troy ounce for the first time ever as worry increases about US and European economies. In New York, futures hit $1603.80 per ounce and in Europe, spot gold reached $1603.29 per ounce, reports the Wall Street Journal . The soaring... More »

Gold to Top $2K an Ounce by 2014

Asian economies behind the dramatic climb, report says

(Newser) - Maybe Glenn Beck has been right about gold all this time—a new report says the precious metal could top $2,100 an ounce by 2014, and could come close to hitting the staggering $5,000 mark by the end of the decade in "a possible ‘super-bull’ scenario,... More »

We Must Return to the Gold Standard

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

(Newser) - There was a time when money meant something, but now—as evidenced by the Federal Reserve’s “ plan to conjure $600 billion to support the sagging economy”—“dollars can be conjured.” In fact, writes James Grant in the New York Times , “in the digital age,... More »

Don't Blame Greece; Market Was 'Ripe for a Fall'

If Greek worries were the cause, gold wouldn't be soaring

(Newser) - For months now, traders have suspected that the bullish market is heading for a big correction. We may have just seen step one, writes Mark Hulbert at MarketWatch . Lots of people are blaming Greek debt fears for today's turbulence , but they should instead look to the gold market. "If... More »

Feds Should Cut Deficit, Irk Right by Dumping Gold

Time to act like a real business, and bust those betting against US

(Newser) - The federal government's vast stash of gold could be used to both bring down the deficit and drive its critics crazy, writes Thomas Frank. If the government were to take the advice of its critics and really start acting like a business, it would unload its 261 million ounces of... More »

Harrods Now Selling Gold Bars

London emporium offers bullion to luxe-loving shoppers

(Newser) - The world's most over-the-top department store has taken bling to a new level. Beginning today, shoppers at Harrods, the London emporium owned by Egyptian billionaire Mohamed al-Fayed, can buy gold bars and coins over the counter. The store has teamed with a Swiss bank to arrange for customers to purchase... More »

Dow Up 56 on Oil, Gold

Energy firms rise as oil adds $3.08

(Newser) - Stocks posted solid gains today as commodity prices rose, the Wall Street Journal reports. Oil jumped $3.08 to $71.28 a barrel and gold crossed the $1,000-an-ounce mark. Commodity-producing stocks Exxon, Chevron, and Alcoa all saw gains as a result. The Dow added 56 points to close at... More »

Dow Climbs 64 as Investors Await Jobs Report

Fear of Sept. stock pullback drives gold to 6-month high

(Newser) - Stocks jumped today on the strength of blue-chip financials after mostly idling. Volume was low as investors waited for the government’s monthly employment report, due tomorrow, the Wall Street Journal reports. AIG and Citigroup rose, while safe-haven buying pushed gold to almost to $1,000 an ounce, a level... More »

Dow Slips 30 on Jobs Data

Rise in materials stocks offsets jobs news

(Newser) - Stocks closed with modest losses today as advances in materials stocks helped offset disappointing data on jobs, the Wall Street Journal reports. The private sector shed 298,000 jobs in August, more than forecast. The materials sector of the S&P 500, however, advanced as gold futures hit a 3-month... More »

Strapped Californians Pan Like It's 1849

Soaring gold prices and a lousy economy have many hoping to strike it rich

(Newser) - The miserable state economy and the soaring price of gold have sent Californians back into them thar hills, USA Today reports. Prospecting clubs all over the state report a huge jump in the number of people panning for gold just as a 10.5% unemployment rate has left cash-strapped residents... More »

Strapped? Sell Your Gold—at the Mall

(Newser) - Up and down the East coast, cash-strapped shoppers are trading in gold and silver, not at pawn shops, but at the mall, the Boston Globe reports. Merchants at kiosks buy the precious metals for less than half of market value, but customers are still pouring in. “It's certainly something... More »

World Stocks Jump on China Spending Spree

Asia, Europe advance after Beijing announces $6B stimulus package

(Newser) - China's announcement yesterday that it would spend nearly $600 billion to stimulate its economy gave a much-needed jolt to worldwide markets today. The Nikkei in Tokyo and Hang Seng in Tokyo both gained around 6%, while European exchanges also opened higher. China's spending spree also pushed up the price of... More »

Forget Tupperware, Gold Parties Are In

Cash-strapped consumers flock to parties featuring wine, nibbles, and cash for gold

(Newser) - Gold parties are taking off nationwide as Americans squeezed by the economy seek extra cash, Marketwatch reports. Partygoers bring along any unwanted gold jewelry they have lying around the house, sip wine and chat while it is appraised by experts, and leave with money in hand. Many go home with... More »

You 'Can't Afford Not to Own Gold'

Cramer urges investors to store value in gold as it surges past $900 an ounce

(Newser) - Investors simply "must own gold" in financially shaky times like these, Jim Cramer said on his Mad Money TV show today—after gold spiked 16% in the last week and topped $900 an ounce. Cramer called gold a safe haven regardless of whether Treasury Secretary Henry Paulson's $700 billion... More »

Gold Medal Is Priceless, But Metal Is Worth $215

(Newser) - Michael Phelps’ eight Olympic golds may be priceless, but they're not worth that much to a commodities trader, MarketWatch notes. This year's gold medals are made mostly of silver and coated with less than a quarter-ounce of gold, putting their value around $215. But people are, of course, willing to... More »

Serial Thieves Swipe $2.5M in JCPenney Gold

As price climbs, all that glitters is gone in series of Calif. heists

(Newser) - California police are hunting a gang of gold thieves raiding JCPenney stores across the state, the Los Angeles Times reports. The gang has struck 11 times in 18 months to grab $2.5 million in jewelry, and they've been getting busier as the price of gold continues to climb. Cops... More »

Are Wall Street Banks Ready to Risk Again?

Return to corporate bonds among likely signs crisis is easing

(Newser) - Wary investors appear to be returning to Wall Street, the Journal reports, buying back into higher-risk debt issues from the likes of troubled Citigroup and Merrill Lynch. “Risk taking has come back in the market,” said one expert. More »

IMF OKs $11B Gold Sale

Global lender will also cut staff, change biz model

(Newser) - The International Monetary Fund has approved the sale of 400 tons of gold from its massive reserves for an expected $11 billion, the Financial Times reports. The global lender also plans to slash up to 15% of its workforce to improve its finances, which have been hit by falling demand... More »

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