A Detailed Look At Gold

10/16/2008

I love all precious metals, but there’s just something about gold that makes it so mysterious and powerful. Since the beginning of recorded history, human beings have used gold as everything from currency and store of value to jewelry and ornamentation. It’s also the only commodity that people run to when an economy is weakening. Why? Because it’s been historically proven to increase in value when other products lose value. This alone could make it a powerful insurance from financial troubles that could mean a loss to someone.

Lets closely examine the records set by gold in the market. On January 21, 1980 gold hit its first record high price of $850 per ounce. It then hit its record low since it’s last high on June 21, 1999 closing at $252.90 per ounce. The initial record high was then surpassed at $865.35 on January 3, 2008. Since then, the current record gold price was set on March 17, 2008 closing in at $1023.50. That’s a lot of change from the "official daily price for gold" that was set in 1934 at $35 per ounce. Ever since then more and more debt has been put on our heads, and we face higher inflation every day. Historically speaking, gold can only go up from this point after manipulation in the market ends. All I know is that before it ends, I am going to get my hands on as much gold as I possibly can to preserve myself now and in the future. Look at history, it repeats itself and I would find it wiser to be safe than sorry.

Have a beautiful day everyone, and happy investing!

Arthur McGuire
Senior Staff Writer Precious-Metals.org