December 10, 2009 – The gold price per ounce rose like a phoenix from the ashes over the past month, and the gold spot price’s climb to $1226 per ounce was tapered by profit-taking earlier this week. The US dollar’s value has crumbled under the weight of too many printed bills, and US investors have steadily increased their demand for safe-haven assets like gold and silver. To receive live gold spot price updates, register below for around-the-clock updates and the 2010 Insider’s Guide to Gold Investing.
At 2pm EST the gold spot price was $1132.80, which is a gain of 0.08% for the trading session. Gold dropped substantially earlier this week, but the yellow metal is still up an astounding 38% in the last 365 days. Silver, which is presently selling for $17.38 per ounce, is down $0.09 for the day.
Silver and gold are highly sought after investments for individuals who foresee inflation and the eventual collapse of the dollar, which are fears that have become much more urgent now that the Federal Reserve is contemplating raising interest rates.
Once the Fed starts to raise interest rates, it could set off a massive bout of hyperinflation, similar to the high inflationary cycle seen in the 1970s when interest rates reached double digits. Gold and other commodities that are priced in US dollars have a historically proven inverse relationship with this currency, so a weaker dollar means higher commodities prices and vice versa.
If you fear that the dollar’s declining value could trample your buying power and diminish your financial independence in a national economic emergency, take advantage of the gold price per ounce now, because economists expect a gold spot price of $1400-$1500 next year. Register below or contact us directly to get the 2010 Insider’s Guide to Gold and Silver Prices.
Senior Staff Writer – GoldPrice.net