Zoom, Zoom, Zoom…. Up Go Gold Prices!
May 27, 2009 by Martha Rooks
I hope you enjoyed a great Memorial Day Weekend with a wonderful get-away and are ready to return to work because we definitely have something worth looking at, as we get into the summer season.
The price of gold is back up again. Gold shot up to over $950 per ounce in the last week, roaring to nearly it’s 12 month high once again as there are signs that the United States economy is beginning to bloom again.
The price of crude oil fell once again, which was startling to many in the market, but it only dropped .99 cents on the full price of $61.05 per barrel at the New York Mercantile Exchange. Don’t expect too much good news too fast, though. The Federal Reserve predicts that the worst has been seen, but that the American economy will continue to shrink through the rest of 2009.
Most economists believe that when Americans started to feel better about their economy, then the economy would start to feel better and recovery also would pick up speed. And there are signs that this is occurring. Home sales are picking up again. The prices are still down, but banks are slowly beginning to lend again and people do still need places to live.
Unemployment is still sky-high, particularly in hardest hit areas like Michigan where automakers have cut to the bone (and may yet cut further!) and California where the housing crisis is at its worst. But the general mood is lifting, even if many financial numbers are still slumping.
This has many wondering if as Americans start feeling better about their futures and employment, will they start to recover their taste for acquring? No other modern culture has ever had such a taste for enjoying the fruits of their hard work.
Most experts believe that the recession will have some long-term effects on shopping habits. The U.S. Congress has just enacted laws to reform credit practices, to stop its citizens from over-borrowing and over-using credit. The laws will also act to protect borrowers from credit card companies who would raise interest rates at such times, undermining the abilities of some people to repay what they have borrowed.
It’s hoped that we’re learning from our mistakes made in the current economic downturn, but it’s still likely that gold, always and ever the most popular precious metal in history, will be viewed as a commodity of lasting value. And that when we do learn from our mistakes, our credit will once again be “good as gold.”
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