March 23, 2006

Gold Hits 25-Year High

From The London Times

Merrill Lynch predicted that gold would hit $600 an ounce in the long term after its recent rise above $500. Last month, the precious metal hit a 25-year high of $579.50 an ounce amid concern among investors that America's huge trade gap would force a weakening of the dollar. The Chancellor sold 395 tonnes of Britain's gold reserves between 1999 and 2002, generating $3.5 billion. At yesterday's London closing price of $554.10, he would have generated more than $7 billion (£4 billion)."

Looks like the Chancellor sold too early.

Permalink • Print • Comment

Trackback uri

http://econedge.org/23/gold-hits-25-year-high/trackback/

Related Entries

Leave a comment




Rodney's 404 Handler Plugin plugged in.