Rekapitulácia 2008

Gold closes 2008 in London at $865, up nearly 3 percent on the year

Despite some year end profit taking, gold remains one of the few commodities of any kind which has ended the year higher than it started it. Silver has not performed so well.

Gold closed the year at $865 an ounce in London as the LBMA announced its final fixing, It opened the year at $840.75. Thus the yellow metal recorded an increase of around 3 percent in a year where global stock fell by over 40 percent on average, confirming gold's status as at least a store of wealth in troubled times.

Silver fared less well over the year with a final fixing of $10.83 an ounce, down from $14.93 – a fall of some 27.5 percent – somewhat better than the general stock market decline, but perhaps rather disappointing in relation with gold which remains the principal driver of the silver price. This also affirms silver's tendency to rather more price volatility than its sister precious metal.

Commentators are mixed on the prospects for gold and silver in the short to medium term. However looking to the potentially inflationary impact of all the economic stimulus measures put into world economies over the past few months and planned for the months ahead one would assess the precious metals outlook as being positive.

01.01.2009

"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value."   Alan Greenspan