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Gold - in the making
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Gold has ceased to be merely an ornament that renders beauty and has in fact achieved a status where it is the most sought after for investment…. With gold being the back-up that investors can bank upon when inflation hits the economy, this new found status of gold is nothing but the foregone conclusion and is here to stay. Though the price of gold is determined by trade across various global commodity exchanges, past trends show that price of gold has never been retrogressive...what with the price almost increasing three fold from $300 per ounce in December 1997 to $850 per ounce in December 2007 (based on the New York close)? And not just that…few unique qualities of gold has made it a distinct metal.
Researches found approximately 63% of reserved gold is used in jewellery, 21% as coins, 15% in some kind of industrial and 1% in dental inputs. The world has seen the use of gold for scientific researches for health and environment benefits. Gold also has its bearing over the US dollar, crude oil and equity market – a setback in any of these can evoke the gold price to shoot up. This escalating price hike of gold not only lures individuals and corporates but also the government to invest in. It definitely goes without saying that countries where gold is mined has a lot to leverage upon, as their import expenses take a huge plunge…obviously enjoying this benefit is South Africa, but not for long because China is pacing up with production of a whopping 260 tonnes in 2007. Hold your money people…the marvelous metals sure have a long way to go, to add value to itself and you!?
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