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Gold futures finish at a record high today

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posted on Jul, 15 2011 @ 05:26 PM

SAN FRANCISCO (MarketWatch) — Gold futures finished at a record high Friday to score a gain of 3.2% for the week, as lingering concerns over the potential for U.S. and euro-zone debt defaults helped prices tally a nine-session gain of nearly $108 an ounce.

Almost a $108 increase in just a week!

Prices, which have climbed $107.50 since they closed at $1,482.60 on July 1, marked a fresh record settlement price.

Gold has hit a string of record high levels this week, as the possibility of more stimulus being pumped into the U.S. economy and global debt worries supported buying.

Still, atleast according to the article, the highest price was back in 1980

Prices, however, remain well below the previous record high for gold in real terms of around $2,400 on Jan. 18, 1980, according to a research note from Capital Economics.

Right now the gold price is at 1,595 on the marketwatch homepage.

I wonder how much higher gold will go in the next few months?

posted on Jul, 15 2011 @ 05:41 PM
reply to post by buni11687

I find it very interesting to see all these new gold companies and pawn shops just dying to get gold in their possession. I have always wondered why it is such an important metal, yea sure it's rare and has many uses but why is this the back up currency if fall out for currency comes into play. I've tried searching around in the past to see if there was anything interesting about it but could find nothing that caught my attention. A lot of head people with money and power have invested a good share of their money into gold over these past few years..

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