Gold Prices Worldwide Prove Deceptive
The Global Post:
Gold has been having a great run lately. On Nov. 9, it closed at a record high of $1409.80 per ounce. It's being hoarded as the only safe bet in a world threatened by European debt and Fed printing presses run amok.
And just before this week's crucial G20 meeting in Seoul, the yellow metal's prestige got a strong jolt from World Bank President Robert Zoellick. With global currency wars set to be a hot topic in Seoul, Zoellick suggested that finance ministers consider re-adopting a modified global gold standard for the world's currencies.
But have things really gotten that bad? Is gold really the answer to what ails us? Or in this digital age, is basing the global economy on hefty slabs of metal a bit like promoting horse and buggies as a solution to Beijing's traffic jams?