Hit a 7 month high yesterday. Why would it do that?
OT: Why is gold up?
Feb 22, 2007
9 Replies
First reply
A lot of metals are at peaks in prices, including lead, aluminum and copper. There is an increased market in developing countries for these metals. Gold has been going up in price for years and has now peaked again.
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A lot of metals are at peaks in prices, including lead, aluminum and copper. There is an increased market in developing countries for these metals. Gold has been going up in price for years and has now peaked again.
I think that the gasoline prices also reflect the demand in the so called "developing" countries. Gasoline here is 2.79+ and oil I think is about $60/barrel.
Ron in Ca (northern)
World instability.
so there.
Don't let some crackpot sway you. All metals are up, demand, plain and simple.
The price of gold fluctuates independent of industrial demand. It's been doing so since before we were born.
Have you checked MoneyCentral, Bloomberg, or MarketWatch for their commentaries? What are the best gold mutual funds, and what do their annual reports say?
I'm going to say it's China because incomes there are rising at a brisk pace, the country has a balance of payments surplus with the world, and Chinese tend to love gold. It also doesn't hurt that the US has a huge balance of payments deficit and the US dollar isn't favored as much any more as a reserve currency.
For the same reasons the stock market is climbing. People want in, in anticipation of a democratic win in the white house. Foreigners are trying to influence the election.
Because the price of gold was down for the past seven months? ;)
mike
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