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Economy
See other Economy Articles Title: The price of gold came down on that rainy day
Source:
Sydney Morning Herald
URL Source: http://www.smh.com.au/business/the- ... -rainy-day-20111002-1l3t2.html
Published: Oct 3, 2011
Author: staff
Post Date: 2011-10-02 11:00:29 by lucysmom
Keywords: None
Views: 2276
Comments: 3
WITH markets falling and prospects for world growth souring, everything should be in place to send the price of gold, the ultimate safe-haven asset, soaring. Just weeks ago this was true. On September 2, gold reached an all-time high of $US1921 an ounce. But instead of maintaining its new heights, only three weeks later gold lost just over 20 per cent of its value, to hit $US1532.72, its lowest point since July and reached without any signs of a rebound in the world economy. snip The pillars supporting high gold prices have collapsed, said Julian Jessop, chief global economist at think tank Capital Economics. ''First, demand for gold as an inflation hedge has fallen as the global economy has slowed and other commodity prices have tumbled,'' Jessop said. ''Second, the more general return of confidence in the dollar has reduced demand for gold as a hedge against a collapse in the US currency.'' Sydney Morning Herald">Click for Full Text!
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#1. To: lucysmom (#0)
But instead of maintaining its new heights, only three weeks later gold lost just over 20 per cent of its value, to hit $US1532.72, its lowest point since July and reached without any signs of a rebound in the world economy. I just bought a nice specimen from a miner for under 1400 and he said he felt lucky to get that. High gold prices were meant to milk the Tea Bagger gold frenzy.
#2. To: lucysmom (#0)
The pillars supporting high gold prices have collapsed, said Julian Jessop, chief global economist at think tank Capital Economics. Does this mean that gold was a bubble? Why, who'd a thunk it?
#3. To: mininggold (#1)
High gold prices were meant to milk the Tea Bagger gold frenzy. Fear and smear makes them ripe for it.
"You post articles- intellectual excrement, really- that support your inane, insipid mentality, on a regular basis. Capitalist Eric
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