Gold Price Hit Two Week High
LONDON – Gold extended gains from yesterday to hit a two-week high before easing back slightly ahead of some key US data later today.
'Having spent some time consolidating, the metal is now in a far better position to push towards key chart resistance located at 694 usd, particularly if data from the US today triggers renewed concerns about the health of the US economy,' said James Moore at theBulliondesk.com. Australian gold nuggets
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If you’re going to invest in gold, buy one of the ETFs or a precious metals mutual fund. If you own the coins or bullion, there it is and it doesn’t do much, plus you have to store it in a secure location. It doesn’t pay any interest or dividends but I would think it would be nice to look at from time to time. The price of gold – $652/oz. – is still too high to justify right now (inflation is not a real problem in the US though it is in other countries) although there is always the prospect that it will go higher. If you decide to buy, consider it a long-term investment since you will likely see a loss in the short term particularly when interest rates are lowered (here and abroad) which tells everybody that there’s little threat of inflation. That usually causes a sell-off by investors who will look for other more profitable investments. You can check the site below to see the daily price of all of the precious metals. Good Luck!
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