Gold Price Sets Record As Doubts of Recovery Grow

Gold prices soared to new highs Friday, gaining as much as $59.40 US, or 3.3 per cent, to $1,881.40 US an ounce.

Bullion for December delivery later gave up a large part of that, but still closed up $30.20 on the New York Mercantile Exchange at $1,852.20.

The metal was headed for its seventh consecutive week of gains, the longest string of advances in almost four and half years.

Investors have been pouring into gold, looking for a place to conserve wealth amid concerns about the possibility of a U.S. downturn, Europe’s debt crisis or inflation after extensive government stimulus spending.  Read More…

This article has 10 Comments

  1. Darwin Raulston

    Welcome to the new economy! This is what will be commonplace for years to come.

  2. Eduardo T.

    I am on the side of other investors where i think this constant climbing by gold is in a bit of a bubble. By at your own risk.

  3. Mikala McKenny

    Darn it and i was wondering if i should buy last week. Knowing my luck if i buy during this new week gold will fall in price.

  4. Ansley Littlejohn

    I still don’t get why gold provides so much security to people and not other things.

  5. Yusuf

    What baffles me is why the US doesnt get serious about their economics program? This farce of recovery that they are doing which only helps big banks is not the way to recover the economy.

    And without the US recovering the rest of the world suffers. Times are not looking good.

  6. Jan

    Looks like i know what i am buying next.

  7. Jasen A.

    With the US on the brink of a double recession and other countries also showing signs of recessions putting into gold is a great idea.

    I’ve been buying gold since May and i am glad I did. I’ve made a good profit.

  8. Roland

    And again gold climbs. This is crazy. I remember a time when oil was the craze.

  9. Dylan Merritt

    A lot of uncertainty which is why many investors are looking to gold to secure themselves.

  10. Stuart Henchman

    It’s going to keep rising for weeks to come. Buy in and hold!

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