Couple of days ago Gold has reached all time high hitting $914 an ounce, mainly as the result of potential danger of US recession. This is mainly because of very weak dollar as it makes much cheaper for holders of other currencies.
Gold could go even higher despite the recent small rise of dollar if dollar continues its recent negative trend. With gold platinum was also all time high as platinum hit $1,587 an ounce in Monday, 14th January.
Gold prices were also raised by expectations of further cuts in US interest rates, high oil prices, and by speculative trading according to analysts. So is it time to buy gold?
Difficult to say, although lots of analysts think there's still not the right time for buying. However gold prices have increased from last years by 50 % and many people are attracted with this thinking this is an easy gain.
Previous gold prices were not that big since January of 1980 when gold was a high of $850/oz. Could gold even reach magic number of $1000/oz?
Every day more valuable – Holy Roman Empire Crown. Click on picture for full size.
0 comments:
Post a Comment