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Gold Prices Sizzling!

Gold Prices Sizzling!
A Bloomberg monitor showing the 52-week gold prices at the Museum of American Finance on 2009-12-02.

On 2009-12-02, gold was trading at USD $1211.10 per ounce. Today (2010-10-14), gold closed at US $1,377 per ounce.

Fears of global inflation in the long run due to easing of the U.S. monetary policy*, the tumbling U.S. dollar, massive budget deficits in Greece, Ireland and Spain, and increasing distrust on international paper currencies have been blamed for the soaring demand for gold.

* i.e. interest rates falling to zero in the U.S. to encourage the massively-indebted Americans to borrow even more.

If you're curious about the setting of the daily London gold fixes (prices), here's a blog page that I created:

bankingmergers.blogspot.com/2009/11/report-london-morning...

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