A Golden Record!

January 2, 2008

Gold rose, extending a seven-year rally to the highest price since 1980, as a weakening dollar and higher energy costs boosted demand for a hedge against inflation. In 2007, gold climbed 31 percent as the dollar fell to an all-time low against the euro, and crude-oil prices climbed to the highest ever. Oil traded as high as $98.29 a barrel today, $1 below its record. The dollar dropped against the euro.

“Gold is leading us into uncharted territory,” said Frank McGhee, head metals trader at Integrated Brokerage Services LLC in Chicago. “Crude is making a run for a $100, the dollar is headed lower, and geopolitical tensions are building. It’s very possible gold can get to $1,000 this year.”

Gold futures for February delivery rose $11.60, or 1.4 percent, to $849.60 an ounce at 9:01 a.m. on the Comex division of the New York Mercantile Exchange. The metal earlier reached $852.30, the highest for a most-active contract since Jan. 21, 1980, the day futures reached a record $873.

Written by Ernie · Filed Under Gold News

Comments

2 Responses to “A Golden Record!”

» Stumbling Start on January 3rd, 2008 10:13 am

[...] Oil prices touched $100 a barrel and gold set an all time historical high! [...]
» Who Is #1 Now? on January 7th, 2008 3:51 am

[...] But, it only gets worse. Do to the falling US$ value, gold has been going through the roof! [...]

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