Word: priced
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Gold is on the move. As the price of gold threatens to push permanently above $1,000 per ounce, it raises questions about why gold is becoming such a hot commodity and whether it truly is a safe harbor...
There is no question that gold's price run-up is purely speculative. Since the beginning of 2009, the number of outstanding shares in the SPDR Gold Trust (NYSE: GLD), the most popular exchange-traded gold fund, has climbed about 33%. Demand for gold has increased significantly...
There is something else we use every day that, like gold, has no inherent value: cash. Of course, there's a major difference between gold and cash: unlike the dollar, the nondollar value of gold won't be significantly impacted by the U.S. government - only its price in dollars via the government's impact on the dollar...
...currency explains why gold has not yet made a clear jump above the historic high set a year ago - in U.S. dollars, that is. The dollar has appreciated enormously during the global economic slowdown. All else being equal, this lowers the price of gold for U.S. investors buying with dollars...
...supply of gold is also a factor in pricing. Many investors holding gold reserves have faced losses in their other assets, which would have led them to sell their gold. Ordinary people, too, have motive to sell their gold jewelry during a recession, which should increase the supply of gold on the open market and impede a price hike...