Monday, August 08, 2011

Gold soars; trades over $1700 oz

NEW YORK (AP) -- The price of gold streaked past $1,700 an ounce for the first time Monday. Investors, beset by worries about the U.S. debt downgrade, Europe's financial crisis and slowing global growth, sought safety in the metal as stocks tumbled around the world.

Gold's allure stems in part from fears that the world's major economies are dangerously indebted. Its value, unlike that of a currency, doesn't hinge on whether countries can make their bond payments.
Read the rest here.


Ingemar said...

Silver and Gold I have none, but what I have I give to thee; in the name of Marie Antoinette, eat cake.

Acts of the Bankers 3:6

The Anti-Gnostic said...

You know, it's getting to the point where copper will be the new "silver."