ZLATO – čo sa skrývka za rekordnou cenou?

The latest high prices for gold are part of an upward trend that began in April 2001. Analysts explain the bull market in gold by pointing to a slowing economy and the metal's increasing scarcity in the ground.

“Gold is inversely correlated to the dollar,” said George Milling-Stanley, an analyst for the World Gold Council, an organization funded by gold mining companies. “Gold is a safe haven in times of political as well as economic turmoil.”

Trouble is, this extremely rare commodity is getting harder to find.

Gold Standard

Artisans of ancient civilizations used the precious metal to decorate tombs, jewelry, figurines, and beads. The oldest known objects worked from gold were discovered at a burial site in Bulgaria and were made by members of the ancient Thracian civilization in 4400 B.C.

Since then many societies worldwide have used gold for jewelry and as money. Its monetary value shone so brightly that it was a factor in driving Europeans to explore the New World.

Although the $1,000-an-ounce mark does have an unfamiliar and ominous ring to it, the World Gold Council’s analyst Milling-Stanley points out that the benchmark is deceiving.

After 28 years of inflation and a weak dollar, it will take a big push in the markets to surpass the 80s high in real terms. Gold would have to hit $2,200 an ounce in today’s dollars to match the 1980 price, Milling-Stanley said.

Zdroj:commodityonline.com

18.01.2008

"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