Gold Rush!
Chart of the Week for September 3-9, 2004
The price of gold approached a 16-year high in April with a rate of $430 an ounce. As of September 1, 2004 the rate fell to approximately $410 per ounce. What prompted this drive upward and then a fluctuation in prices? The limited supply and universal acceptance of gold makes it an attractive investment worldwide when economic or geopolitical uncertainty exists. Historically, investors have sought the ’safe haven’ of gold when attempting to avoid the potential impact of changing interest rates, fluctuating equity markets. a weak U.S. dollar and inflation. Looking at the chart, the latest run up in the price of gold is part of a longer-term trend that started September 11, 2001. The current geopolitical uncertainty may keep gold from tarnishing but it will be interesting to see how brightly it shines if things settle.
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