Sunday, April 24, 2011

All That Glitters: Gold Hits Record Numbers

Posted By on Sun, Apr 24, 2011 at 11:18 AM

Gold and silver skyrocketed to new highs every day last week, and investors expect the precious metals to continue that performance this week.

Gold broke through $1,500 an ounce for the first time to hit a record of $1,512.50 on Friday. Silver was fast approaching its own high above $50, set in 1980. Silver has risen 64 percent since February. On Friday, it rose to as much as $46.76. Concurrently, the U.S. dollar tumbled to a two-and-a-half-year low.

Reuters offered some historical benchmarks today:

August 1971-President Richard Nixon took the dollar off the gold standard.
May 1973-U.S. devalued dollar to $42.22 per ounce.
January 1980-Gold hit $850 per ounce, due to inflation and strong oil prices.
August 1999-Gold plummeted to $251.70.
January 2004-Gold broke above $400.
January 2008-Gold passed $850.
April 2009-Gold rose above $1,000 an ounce.
April 2011-Gold climbs to an all-time high at $1,508 an ounce.

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