Gold Approaching $2,000
Monday, August 22, 2011 at 09:48AM Gold is up another $30 this morning, even with equities in rally mode (for now at least). Remember when gold made a new all-time high back in November 2007? On 11/8/07, gold closed at $837.50/ounce, taking out its prior all-time closing high of $834 reached on January 21, 1980. It took nearly 28 years for gold to take out its 1980 all-time high, but once it did, it didn't look back. Gold has now more than doubled that closing high in less than four years, and it is fast approaching $2,000/ounce.
Gold is currently at $1,880. One month ago, it was at $1,587. One year ago, it was at $1,227. Five years ago, it was at $624, and ten years ago, it was at $274.
Over the weekend, we passed by a coin and collectibles shop in Westport, CT, which is one of the wealthiest towns in the country. There was a line coming out of the door, so we stopped in to see what was going on. The entire line was made up of people trying to sell their gold. The store owners said it had been like that for the past five days, and they had never seen anything like it. Inflection point? Who knows, but it was pretty amazing to see so many people in a town like Westport, CT looking to unload their gold and turn it into cash. (see picture below)
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