NEW YORK (CNNMoney.com) — Gold prices surged to record highs yet again Monday, topping $1,139 an ounce, as investors continue to favor the precious metal over currencies like the U.S. dollar.
Gold for December delivery jumped $22.50, or 2%, to settle at a record $1,139.20 a troy ounce Monday. That easily trounces the closing price for Friday, when gold settled at its previous record of $1,116.70 an ounce.
After the close, the price continued to move even higher in electronic trading.
While gold prices have been soaring of late, they don’t factor in inflationary adjustments. Current prices are actually a far cry from the record set on Jan. 21, 1980, when gold peaked at $825.50 an ounce (in 1980 dollars). That translates to an all-time peak of $2,163.62 an ounce in 2009 dollars.
And check out Truth is Treason’s Live Market page, which shows the current market price of gold, silver, platinum, and most of the major commodity futures.
[Hayden’s Note: I can’t help but wonder why gold is skyrocketing all of a sudden. Aside from the speculation in the market over the IMF’s recent transaction with India involving 200+ tons of physical gold and another 400 tons up for grabs, it appears to be centered more on the IMF’s “basket of currencies” being touted as the answer to the global economic woes. However, if that were the case – and it is – that means that someone is trying to devalue and even crash the US Dollar in order to usher in the new Special Drawing Rights note, or SDR to balance the global financial table.
Also, as this article points out, inflation should be taken into account. And by doing so, we would all quickly realize that gold is nowhere near what it should be worth at this point!]
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