Overseas Pakistani replied on Tuesday, April 26, 2011 03:24 PM
In January 1980 gold hit a record 850 US dollars an ounce. After reaching those dizzy heights it then plummeted down and remained steady in the 300-400 dollar range
In 1980 gold was at a record 850 USD an ounce while high inflation, strong oil prices , Soviet intervention in Afghanistan as well as the impact of the Iranian revolution prompted investors to heavily buy the metal.
As interest rates rise, the general tendency is for the gold price, which earns no interest, to fall...
Point I am trying to make is just watch-out keep a close eye on overall economic recovery taking place internationally and interest rates which currently are at lowest levels but it will not remain the same for long!! |
