Gold continues to climb to new records, as it hit a record $1,800 yesterday as nervous investors continue to pull their money out of stocks and snapped up precious metals contracts. Silver is also doing well, as the demand for all precious metals is simply hotter than ever right now.
Gold is fast becoming a security blanket for investors. What this means in the long run is anyone’s guess, however right now precious metals investing as a whole is wildly popular.
December gold contracts backed off their highs, and traded around $1,785 per ounce during midday trading after reaching a record $1,801 per ounce earlier in the day on the New York Mercantile Exchange.
Gold prices have continued to reach amazing price levels during this current bull market. With no end in sight, gold could hit the $2,000 per ounce mark within the next few months. Where it goes from there will be interesting. The overall financial market and current economical crisis will play a lot into what happens next.
Gold may not have the same luster and intrigue that it once had, but if you invested in it before the financial crisis of 2008, then you are probably rolling in the money right now.