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Gold hits record $1,432.57 an ounce

By Agence France-Presse
Tuesday, March 1, 2011 16:25 EDT
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WASHINGTON – Gold struck a new record at $1,432.57 an ounce Tuesday as worries spread that the surging price of oil could fuel inflation and dampen economic growth.

The price on the London Bullion Market jumped more than $13 an ounce from Monday to top last December’s record of $1,431.25, before falling off slightly to around $1,430.50 at 2035 GMT.

On the New York Mercantile Exchange, the price on the contract for April delivery closed at $1,431.20, also a record for that market.

The jump came after oil prices rose again on Libyan unrest and US Federal Reserve chief Ben Bernanke warned that a sustained rise in oil prices could potentially threaten US economic growth and spark dangerous broader price rises.

“Sustained rises in the prices of oil and other commodities would represent a threat both to economic growth and to overall price stability,” the central banker said in testimony to Congress Tuesday.

Agence France-Presse
Agence France-Presse
AFP journalists cover wars, conflicts, politics, science, health, the environment, technology, fashion, entertainment, the offbeat, sports and a whole lot more in text, photographs, video, graphics and online.
 
 
 
 
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  • Anonymous

    End the Fed!

    Return to the Gold Standard, prove the price of Gold isn’t inflationary! Bring the price tumbling down, screw these investors out of hundreds of millions of dollars just like we have screwed all those who invested in the housing scam. This is the time to show what we are made of return to the Gold Standard before it is too late!

    I’m begging you. look in your heart, return to the Gold Standard NOW!

  • http://profiles.yahoo.com/u/GCPX7DXZGK2H2CPNYRR5IS5A64 Turnip Mcgee

    Oil and Gold are rising due in large part to a planned and unwinding devaluation of the dollar.

    There is nothing wrong with paper or an electron to signify a credit of value (money). There is something wrong with issuing debt and calling it money. If more people understood this, they would know where to direct their anger. This would be great timing, as it seems that there are stirrings from the slumbering giant.

  • Raymond Strand

    Uh that’s how money works in the modern world. A dollar is a guarantee worth $1 dollar’s value in goods. There are 300,000 million American citizens. There isn’t enough Gold or other precious metals to satisfy the need. Gold has much better uses than sitting around in people’s pockets it’s used in electronics. Along with other precious metals Platinum, Silver, and copper.

    The price of electronics would skyrocket if we went back to the Gold Standard.

  • http://twitter.com/btmfdrsheaven rebecca meritt

    And everybody holding our marker would instantly drain the fort. Isn’t that why we left the GS because the cost of Vietnam was depleting our gold to foreign counties?

  • http://profiles.yahoo.com/u/42THFKXIPMJHQBIH6OPI4RVIDY Thebes

    “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
    Henry Ford

  • http://profiles.yahoo.com/u/42THFKXIPMJHQBIH6OPI4RVIDY Thebes

    How money works is the bankers create credits out of thin air. The rest of us must (indeed must) use these for money for all of our transactions. The moment the credit is created, there is not enough money to pay it back. It becomes an endless cycle of having to borrow and borrow to pay those who gave up nothing but eventually own everything.

  • http://zarban.wordpress.com/ Derek

    That’s not how money works. People deposit $100 000 in the bank. The bank loans out $90 000 of it against the construction of a house and orders cash from the Fed because the economy now has $190 000 where it used to only have $100 000. The house gets built, ensuring the creation of $90 000 worth of property in the economy. And, 30 years later, the mortgage gets paid off with 30 years of a person’s work.

    No advantage is gained if $90 000 worth of gold sits in a vault for 30 years. And that $90 000 would only be about 1 ounce, because that’s what gold would have to sell for in order to back our gigantic economy. There has never been enough gold and silver run the world economy, and that held the world back for centuries.

  • http://zarban.wordpress.com/ Derek

    Henry Ford was a ruthless, union-busting industrialist who loved Hitler. Seriously. They were pals.

  • Anonymous

    It’d be more appropriate to write this headline as “The Dollar hits an all time low”

  • Anonymous

    Yeah, but he liked hemp too.

  • Anonymous

    maybe so, but at least he recognized the face behind the mask

  • Anonymous

    Ever hear of fractional reserve banking? Banks can lend out 10x more than they actually have in reserves. So for example on paper they can lend you a cool million w/ only $100,000. If we were to do that we would be breaking the law.

  • http://profiles.yahoo.com/u/42THFKXIPMJHQBIH6OPI4RVIDY Thebes

    The actual amount “reserved” is now about 2.5%, most banks find it necessary to keep 3-4% to have sufficient vault cash available for customers. For all practical purposes they create credit as they see fit.

  • http://profiles.yahoo.com/u/42THFKXIPMJHQBIH6OPI4RVIDY Thebes

    Of course. He was a Nazi. But he understood how banking worked and knew that it was “best” to keep American sheeple ignorant of it.

  • Anonymous

    Food riots coming soon

  • Anonymous

    After the meltdown, Felix the Farmer is selling some tomatoes he grew.

    Customer One: I’ll give you a box of matches for them tomaters.
    Customer Two: I’ll give you ten ounces of gold!

    Realizing that the gold is useless and just a fiat currency, Felix takes the far more useful matches, kills the guy with the gold, and sells hamburger for a week..

  • grindermonkey

    Time to melt down those old bowling trophies in the basement. Or you might wait until it too rises to an unimaginable eight digit number.

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