(Long Island, N.Y.) Gold has always charmed the human psyche. It represents finishing at the top of sports games, represents wealth in our society, and above all – it now represents the highest price in the Stock Market than ever in history.
As of Tuesday, January 8th, 2008 the price of gold per one ounce was $880. Texas Congressman Ron Paul would be the first to blame this on the Inflation rates, the further weakening of the US dollar and high prices of oil in the World Market. This rate is by far the most gold has ever been at, topping the previous high in the 1980’s when it reached $875 by more than $5 per ounce. The day started with the all time high of $884 which would have been a monumental high, but than settled later in the day at $880.30 in New York’s mercantile exchange. Figuring in the adjustment of inflation, it is still far off of value in the 1980’s as back then $875 would be worth around $2,115 today.
Market analysts though weren’t surprised with this rise in price of gold as they have been watching it ascend the last three years. “I’m telling my friends,” said Ashraf Laidi, CMC Markets analysts. “I’ve told them for the past three years to invest in gold.” Despite this high market value for gold, Analysts concur that people aren’t rushing to sell their precious metals.
“I don’t think people have as much gold now as they did then,” says Michael Paccico who owns a jewelry shop in Manhattan, explaining that when the precious metal sold for $100 or $200 per ounce, it was easier to buy a bracelet or a ring than in recent times, with the economy heading for a crunch. Still it is high time to invest in gold as more experts agree that the trend in the rise in price of the metal will continue to grow in the coming two years.
Disclaimer: News articles on this site may contain opinions of the author, and if opinion, may not necessarily reflect the views of the site itself or the views of the owners of NewsLI.com, Long Island Media Inc., or Long Island Exchange®. For more information on our editorial policies please view our terms of service.