Gold: To Buy or Sell?
February 8, 2009 by Martha Rooks
Now that the United States has newly installed President Barack Obama in the White House, many of us thought things would start turning around. If you were one who had such high expectations, then more’s the pity to you–although it may be too soon yet to tell. But as expected, with the American dollar fluttering, the price of gold has continued to edge higher… ever higher.
Investors are looking to Washington, hoping for help. The stimulus plan that President Obama has talked about has been discussed through the weekend, with everyone bringing their concerns (and amendments) to the table.
These types of worries are going to be with us for awhile. And yet in times of uncertainty, the price of gold has always provided a hedge against instability and economic worries. Gold has now topped the $914 mark in New York. Other precious metals also are up with silver at $13.16 and copper up again to $1.65 per pound.
Investors who are holding their breath for a recovery may be holding their breath for some time to come. Virtually no one, not even President Obama himself, believes the fix is in the stimulus package. There is no “magic bullet” the President told Fox News this past week. But working with Congress on this economic package, “we are closer to getting it right.”
Whether it’s time for you to buy or sell, only you can say. But keep in mind that gold’s value as an investment has always held up, even in the worst of times. And we must all hope and pray that these are not those.
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