Gold Price Today – Know the latest gold rates
As the dollar falls, gold rises and savvy investors are profiting. Get in now to profit from today’s gold price
A continued unease concerning the U.S. economy and the dollar’s prominence as the world’s premiere reserve currency is leading many investors to dive into safe havens such as gold, boosting today’s gold price to highs unseen in years. The precious metal is slowly working its way past the $1,500 mark and on to the all-time mark it set last month and it could keep on going according to several smart market watchers.
The reason today’s gold price continues to glitter in the face of anemic growth and worsening economic conditions is gold’s un-paralleled history of retaining its value throughout history, from generation to generation, allowing people to keep their riches and pass them on. This is especially true as the dollar falls against the world’s currencies, smart investors rush to gold which in turn allows them to retain more of their wealth and simultaneously boosting the current gold price.
In fact, today’s gold price is a culmination of the dollar’s decline for several reasons including the U.S. housing market’s collapse coupled with America’s obscene budget deficits and high unemployment among other reasons. But bad news for the dollar is good news for gold price today which is 53% higher than it was in 2008 when it reached $1,000 mark. And more bad news on the horizon will continue to boost the current price of gold.
So while some experts would say the bubble is about to burst on the current price of gold, many of the world’s central banks, from Mexico to Russia, are loading up on gold reserves. And there are several other reasons why there is still lots of shine left on gold.
For one, despite the current price of gold its demand remains high in emerging global markets, where gold is not only a financial investment but also a big part of culture and tradition and is an important symbol of wealth. For example, India is considered one of the world’s largest emerging economies and also has one of the highest gold consumption rates worldwide, as gold plays a big part in India’s wedding seasons. While China, with its rapidly growing consumer sector, is right on India’s heels and gold consumption there is a central government theme and pushed by the Chinese government which encourages its citizens to set aside a small percentage of their salary to purchase gold. And despite America’s economic doldrums, its demand here is not tapped out as the U.S. Mint continues selling its American Eagle gold coins at a brisk pace.
Beyond gold chains or bars though, today’s gold price is also is also driven by this new money and the need to diversify portfolios with new financial vehicles such as exchange traded funds which allow investors to buy funds that track the price of bullion without all the hassle of actually buying and storing it. And financial advisors are even recommending to their clients the need to allocate some of their portfolio into commodities such as gold which continues to push up today’s gold price.
Another reason why gold still looks like a golden investment is the fleeting faith in the greenback, as the American government continues to extract itself from its economic quagmire. Gold does not succumb to inflationary pressures and lose its value like paper currencies do as evident with gold price today. Throughout history, it has protected investors when their faith in paper falters because typically when one falls, the other rises. And very few other commodities are seen as a better way to protect wealth than gold.