Gold Soars To Record High On Inflation Worries

AP   |  Jackie Farwell   |   January 8, 2008 03:28 PM

Read More: Gold, Gold Futures, Gold Record, New York Mercantile Exchange, Breaking Business News
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Gold futures soared to an all-time record above $880 an ounce Tuesday as rebounding oil prices added to the metal's allure as a safe haven against inflation.

Other commodities also traded higher on inflation worries, and speculation that a weak dollar will make U.S. exports more attractive.

An ounce of gold for February delivery climbed as high as $884 an ounce on the New York Mercantile Exchange, topping by almost $10 its previous record of $875 set in 1980. It retreated to $880.80, up $18.80, in early afternoon trading.

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- ajax2 See Profile I'm a Fan of ajax2 permalink

Fed says it's ready to print more money.

    Favorite    Flag as abusive Posted 12:06 AM on 01/09/2008
- wadenelson1 See Profile I'm a Fan of wadenelson1 permalink

Gold is a bellweather who's time has come and gone.

Platinum, palladium, rhodium are needed by the ton for catalytic converters.

Put your money where there's a market.

Compared to what inflation is doing, gold might as well be parked with the engine turned off.

    Favorite    Flag as abusive Posted 04:23 PM on 01/08/2008
- realitytrumpsbull See Profile I'm a Fan of realitytrumpsbull permalink

If this keeps up, eventually it will become economically feasible to start extracting gold from seawater...do I hear 4k/oz?

    Favorite    Flag as abusive Posted 04:12 PM on 01/08/2008
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