Gold Reaches All Time Record High
Yesterday, the price of gold reached an all time record high of $880.30 per ounce on the New York Mercantile Exchange. Over night, gold briefly traded above $890.00 in the overseas markets.
The record price was preceded years of rising prices. Dave Harper recently noted that gold has risen over each of the past seven years with yearly gains of 2.46%, 24.72%, 19.59%, 5.24%, 18.29%, 22.84%, and 31.44% from 2001 to 2007. Only a few days into 2008, gold has risen by more than 5% year to date.
Many will note that the previous record close for gold at $875 was set in 1980. Adjusted for inflation, this would equate to a price of $2,200 in today's dollars.
The number of gold products at the Mint continues to dwindle as products sell out or are suspended. As of the writing of this post, the follow gold products are still available for sale:
- 2007 First Spouse Gold Proof Dolley Madison (contain one half ounce of gold) $529.95
- 2007 First Spouse Gold Unc Dolley Madison (contain one half ounce of gold) $509.95
- 2007-W $5 American Gold Eagle Proof (contain one tenth ounce of gold) $116.95