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Price of gold hits all-time high

Alisa Roth Nov 9, 2010
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Price of gold hits all-time high

Alisa Roth Nov 9, 2010
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JEREMY HOBSON: Gold hit an all-time high today of $1412.75 an ounce. Investors are once again looking for a safe place for their money after the Fed’s announced last week that it will pump another $600 billion into the economy.

As Marketplace’s Alisa Roth reports, the price of Gold could go higher still.


ALISA ROTH: Investors are buying gold because they’re worried about the global economy. The concern is that European governments may not be able to raise the money they need. Which could hurt the price of the Euro.

This week, Ireland is going to the European Union for help, hoping to avoid a bailout like Greece’s last summer. Last time gold reached highs was in June when investors were worried Greece could have gone bankrupt.

The flight to safety we’re seeing in gold prices is showing up in other precious metals. Palladium and platinum prices were both up. Silver is also reaching new highs-it’s going for $28s an ounce. A price it hasn’t reached in 30 years.

But the price of gold also usually goes up around this time because of seasonal demand. Gold imports to India were reportedly up about 25 percent this week because of gold gifts connected to the holiday Divali.

In New York I’m Alisa Roth for Marketplace.

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