The Gold Economy

Gold may inch up in price gain for a second day as investors who are worried about the debt burden hanging over Europe and possible default by Greece rush to find safe havens in precious metals. News reports from Melbourne, Australia shows that at about 10.00a.m local time on September 14, gold had gained about 0.2% to reach $1,837.43 per ounce before settling for $1,836.97 at that early morning trading session.

The debt burden is weighing heavily on Europe as ‘’uncertainty pervades the entire European market’’ as noted by Natalie Robertson who is a commodity market… Continue reading

The month of August was good for gold as it again proved its worth as a safe haven for assets with its strong price appreciation in the face of unsettled global equity markets propelled by concerns about the health of the economy of the United States and the world in general and the burden of debt in Europe.

Gold gained $201 in August which translates to 12 per cent upward performance for the precious metal in the month under review. December gold gained $1.90 on the last day of the month to trade at $1,831.70 on… Continue reading

The price of gold continues on its hike to a new record-setting 1,607 Dollars an ounce. The Asian spot market price of gold climbed to a peak of 1,607.41 Dollars an ounce.

Analysts said the yellow metal is likely to climb back to higher territory and likely to create new highs during the day.

They added that investors are likely to remain on the edge until the US debt ceiling issue is resolved.

Analysts also attributed a wider risk-aversion trade that forced US and European banks to sell off their shares and concerns over Italian and Spanish… Continue reading