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Gold Has Got Its Groove Back
Aug 2, 2010
How dare any of you second guess the gold bugs. From a day’s low of $1,168 per ounce, the yellow metal rallied to a day’s high of $1,186. Our precioussss is back on a tear, maybe.
Gold is still, however, down 5% for the month — whereas copper is actually up 12% during the same period.
Don’t go trading in your gold Krugerrands for copper bullion bars any time soon, though: gold is still a rockstar investment.
As one of my fellow writers reported on Wall Street Memo earlier today, the run-up in gold prices could just be getting started. From an average of approximately $35 in 1970, gold went up to more than $800 an ounce by 1980. But who wants that? That doesn’t sound like an investment to me.
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