Gold at a 28 yr high, Euro and Oil hit all time highs....... - Mercedes-Benz Forum

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post #1 of 2 (permalink) Old 10-26-2007, 08:05 AM Thread Starter
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Gold at a 28 yr high, Euro and Oil hit all time highs.......

LONDON (AFP) - The price of gold rocketed Friday to the highest level since the start of 1980, as the precious metal won support from the weak dollar and record high crude oil prices, traders said.

On the London Bullion Market, gold prices surged as high as 778.50 dollars per ounce, which was last seen in January 1980.

In early European trade, the euro struck 1.4375 dollars -- the highest level since the single currency's creation in 1999.

Gold benefits from a weak US unit because it makes commodities that are priced in dollars cheaper for buyers using stronger currencies.

Meanwhile, the price of New York crude surged past 92 dollars per barrel for the first time, lifted by rising tensions in the oil-rich Middle East and new US sanctions against Iran, dealers said.

Higher oil prices spark inflationary concerns, while gold is regarded as a haven in troubled times.

Gold price strikes fresh 27-year peak - Yahoo! News
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post #2 of 2 (permalink) Old 10-26-2007, 08:13 AM
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heh, heh......London price almost £380 per troy ounce! Blimey! It has rocketed indeed in the past few months! No wonder all the Jewellers are investing in commercial real-estate and other high yield investments from the proceeds of recent years! Even my Dentist is trading in Gold! heh, heh......fiddling with 'bad teeth' is more of a hobby to him than means of earning a living! heh, heh......
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