December 4th 2009
With gold prices reaching a new high again this week and further rises anticipated, investors are scrambling to buy gold coins, bullion, bars or whatever gold they can get their hands on.
Over a year ago in July 2008 the Daily Telegraph reported:
“Tens of thousands of investors have rushed to buy gold from bullion dealers over the past year, during which the gold price has broken through the $1,000 barrier on occasions.”
Danske Research Team reported yesterday
“Gold hit $1,226”
So the investors who were rushing to buy gold 18 months ago have seen their investments rise by over 22%. Not bad considering that typical investment accounts with banks are paying around 1.5%.
Another recent report from the Financial Times
In Ghana – “Investors’ scurry for safety has pushed the gold price to all-time highs above $1,100 an ounce, sending mining companies, small-scale artisans and illicit gold-diggers scrambling for drills and picks.”
On a sidenote, if you are in need of cash and you have any gold to sell this could be a good time to cash in.
Of course, the weakness of the dollar is also contributing to the soaring gold prices, but it doesn’t look as if the upward trend is going to stop anytime soon.
Gold Prices Last 10 Years
The market price quoted today on cooksongold.com for 1kg of gold is £23,521.
At the moment on eBay a 250g gold bullion bar sold for £6,100 and 1oz krugerrands are selling for around £740-£820 depending on age and condition.
Another site – bullionbypost.co.uk is selling gold bullion at slightly cheaper prices than you can get it for on eBay. A 1 ounce bullion bar costs £762; 100g is £2,421 and if you want something really weighty to put in a Christmas stocking a 1 kilogram bar is £23,948.