Wednesday, October 7, 2009

Gold Reaches a New High

Gold reached a new high in overnight trading as prices exceeded $1,040 for the first time.  The rise in price comes from pressure on the US dollar. Concern has grown over a report that crude oil could one day be priced in other currencies, reducing the dollar’s preeminent position as a vehicle for global trade.

The rise in the price of gold over the last 18 months is actually having an interesting effect on jewelry purchases.  More and more buyers are looking at high-end jewelry as an investment and a useable store of value.  Jewelry has the additional benefit over bullion that you can enjoy the pleasure of ownership rather than just storing it in a safe and there is a “collectors” premium paid for high-end pieces.

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