Last week we talked about the Gold Standard, which was when the United States government guaranteed each gold-backed American dollar in circulation.
With the current economic contraction that is underway, some people are positing the notion that returning to the gold standard would help. But the
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The price of gold vaults upward, surpassing predictions and hits $1000 per ounce this week. Not surprising, given consumers and investors concerns about the stability of the American dollar. The value of gold always flies in the opposite direction of the dollar's value. That is, if investors think
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Fears fomented by long-term inflationary concerns over President Obama's huge stimulus package drove investors to gold as a hedge against likely devaluation of the U.S. dollar.
Historically, the price of gold has been intimately wed to the value of the U.S. dollar. This was not difficult to predict.
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Gold PricesTagged:
gold above $1000 per ounce,
gold as hedge against inflation,
gold as hedge investment,
gold standard,
gold surpases $1000,
inflation,
money,
Obama,
president obama,
safe gold investment,
stimulus package,
us dollar
