While reporting our feature article on gold last year, we heard from experts who thought theprice of gold
would keep going up.
Shoulda bought a truckload. Or even a gram.
The price of gold has hit $1,500 an ounce for the first time ever. The stuff was about $1,260 in July, when New Times published Gold Rush. An avalanche of crappy global economic news has pushed the price upwards, says the New York Times.
Not that we're going to buy any now -- too cynical, too unwealthy. If the value of the dollar collapses, we'll just have to get along somehow. And we won't forget that a major theme of last July's article was the flim-flammery associated with the gold business.
Still -- $1,500 an ounce. We hope you're among the lucky bastards who stockpiled it at $250 an ounce, or at least know some old-timers who still have safes full of gold bought at the Nixon-era price of $35 an ounce. (Yes, we know that gold has been worth more, relative to inflation, but we're suckers for nice, round numbers.)
Checking goldprice.org, it looks like the price dipped to $1,495 after setting the record, but then climbed back to $1,498 in the time it took to write this post. Another source for metal prices, kitco.com, says gold is now at $1,499.
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Whatever it ends up with for the day, the record price probably bodes poorly for the masses. One reason for the uptick is the anticipation of inflated prices for everything over coming months.