Tuesday January 08, 2008

Gold hits record $876 on crude oil, dollar

bloomberg.com :

Gold rose to a record in London and New York as costlier crude oil and a weaker dollar spurred demand for the metal as a hedge against inflation and an alternative investment. Gold for immediate delivery rose as much as $17.84 to $876 an ounce in London, exceeding the previous record of $868.89 set Jan. 3. Oil is trading within less than 5% of a record. Gold last reached an all-time high in New York in 1980. Spot prices advanced 31% last year, the biggest gain since 1979, when U.S. inflation was more than 13%.

- In time to come, $1000 gold will wake a few more people up, like $100 oil did. Both gold and oil are now truly operating in unchartered territory. Believe it or not, both are still undervalued, and we ain't seen nothing yet.

See also :

1. Gold breaks 28-year record to hit $859 per ounce

(2008-01-08 17:42:13 SGT) [Biz] Permalink

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