Word: gold
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Dates: during 2000-2009
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Pity Mr. T. It would cost the former chain-studded, 1980s TV star $1,000,000 to get dressed today. Earlier this week, gold hit $1,009 an ounce, an 18-month high and only the third time it has made it into the quadruple digits. Adjusted for inflation, the price of gold is three times what it cost when Mr. T's B.A. Baracus and the A-Team were on the air. (See pictures of TIME's Wall Street covers...
...Typically, investors buy gold when they are nervous about the state of the economy. But the latest price run started in earnest in April, just as the fears of the financial crisis were easing. Demand for gold has been rising. And inflation, despite the mounting economic recovery, looks to remain in check. That has many thinking the rise in gold is just another sign that the global economy is on the mend...
...think the move in gold reflects fundamental improvements," says Larry Adam, chief investment strategist at Deutsche Bank Private Wealth Management. "I don't see it as anything...
...early warning sign that the U.S. government's efforts to quell the recession will backfire. The fear is that the trillions of dollars the government is spending to safeguard the financial sector and boost the economy could result in massive deficits and mounting inflation. "People who are buying gold are buying into the argument that the Federal Reserve will not be able to take back all the liquidity it has poured into the market and protect against inflation," says James DiGeorgia, editor of the newsletter Gold and Energy Advisor. (See pictures of modern-day gold prospectors...
...unlike in the past, there is very little evidence to suggest that the recent jump in gold has anything to do with inflation. Gold prices started increasing around the time the government released results of the bank stress tests, which indicated that many of the nation's top banks would need little or no further financial assistance. Many point to the stress tests' positive results as the beginning of the end of the financial crisis. (See pictures of the global financial crisis...