Made in Germany | Gold Rush
International demand for gold is higher than ever, with prices rising accordingly. On March 17, the price for a fine ounce, or 31.10 grams, topped 1030 dollars, a historic high. Investors have caught gold fever, but instead of heading for Alaska with a spade and sieve, they are speculating on stock exchanges with gold funds and certificates. Unsettled by the US sub-prime mortgage crisis, investors have shed their shares and are putting their cash in raw materials and fine metals, with gold, always a safe haven in times of financial crisis, topping the wish list. London is the centre of gold trading in Europe, so Claudia Laszczak asked analysts and dealers there what is driving up the gold price and how much higher could it go.
@rezz110 gold is an element
Thanks for the reply. I understand what you mean. That is true. I personally believe wearing yellow metal decorative pieces is a waste of money and a bad fashion sense. And yes…the mining companies will have to take up a new job all together.
Honestly, though, I just want gold to become rarer by the day. (For personal reasons of course!)
Part 2
Also, the “big” benefit goes to the gold mining & production companies, not the retailer down the road. If tomorrow gold ends, how will these guys make more money. They would make an ad of H. Klum wearing Nickle! and then everyone think nickle makes is the new gold, making them look “pretty”.
Remember, nothing and no one brings more profit to large companies than a reckless line of spenders and consumers.
@AGL23
I was questioning ‘the mystery of human’s interest in material things’, not depletion of gold mines. You should observe the obsession of people where I live. The difficulties and efforts of gold extraction and production makes it expensive, which I understand. It can be a medium of exchange under certain fair conditioning since not all countries posses gold. What I don’t understand is people’s decision to decorate themselves with it and impression that gold makes them beautiful. >Part 2
What?
Imagine one day, miners come out and say there is absolutely no more gold to be mined. You believe people will move away from gold because it’s rare all of a sudden? You can’t possibly believe that!
to rezz110:
Well, it is the only currency that has always been, and always will be, and right now it is good to use gold as an asset you save money.
I can tell with certainty that 1/3 of the world are mad about gold. But why an element like gold is so precious? Why do people give value to a golden ring or a golden coin. Why do they even think of it as something beautiful? Applications of gold are (1) Medium of exchange and (2) Jewelery. Once gold mines are empty, another metal will replace it and will be deemed beautiful; however, the mystery of humans interest in material things remains unknown.