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Gold Prices Reach New High Above $1,300 an Ounce

by Hugh Collins Sep 24th 2010 7:13AM
Updated Sep 24th 2010 8:06AM
Gold continued its record-breaking climb, reaching a new high of $1,300 an ounce.

Futures for December hit $1,301.30, before slipping to $1,299.40 an ounce on Globex.

"Diversification and physical demand will continue to provide upside momentum," said James Moore, an analyst at TheBullionDesk.com, in a research note.

Gold surged earlier in the week after Federal Reserve Chairman Ben Bernanke indicated that the Fed was willing to provide extra monetary stimulus to boost the U.S. economy. Markets took this as a signal that the dollar would weaken, making gold a more attractive investment.


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Richardallenbuys

For the very first time EVER gold had surpassed the $1300 per ounce mark! Since the average American has over $1000 of old broken chains, class rings, etc in their jewelry box, NOW is the time to sell. "Most customers come in with a box or bag or broken gold earrings, class rings and a few twisted chains and leave with more than $1000" says Rick Kleinvehn, President of http://www.cashfordiamonds.com, a division of Richard Allen Jewelers, Hoffman Estates, IL. "We also have clients from around the country that mail in their gold items, then we wire them funds the day that the package is received. We are now paying an amazing $22 per gram ($34.10 per pennyweight) for 14K gold, the highest in the 20+ year history of our company" "By paying 90% of the gold market every day, people seek us out from all over the country. Most gold buyers out there are paying 33-50% of the market" It is always best to check out ANY gold buyer at bbb.org, Kleinvehn suggests

September 24 2010 at 9:34 PM Report abuse rate up rate down Reply
Sonny

Gold has been a very good investment, but once the "investment banks", Goldman Sachs, J P Morgan, etc. get in the picture, a manipulated bubble could develop...........be careful.

September 24 2010 at 3:06 PM Report abuse rate up rate down Reply
OBAMAS EGO

LOOKIE WHAT I DID. SPECULATORS LAST WEEK SAID GOLD WOULD BE AT 1,300 BY NOVEMBER. I ACCELERATED THAT TIME PERIOD. I SURE HOPE EVERYBODY GIVES ME CREDIT INSTEAD OF BECK AND GOLDLINE. I MADE THE DOLLAR GO DOWN IN VALUE. YIPPEE.

September 24 2010 at 1:26 PM Report abuse rate up rate down Reply