gag order: back up
Gold Hits $1300
Gold hit $1300 this week, an all time high, though a high corrected for inflation would have been in 1980 when gold was over $800; in today’s dollars that would be over $2000 an ounce.
What has driven gold up? The drop in the value of the dollar contributes, but so does having the market move away from dollars. In short, as the dollar loses value and the price of gold (and barrels of oil) increases, investors lose confidence and begin to buy gold.
Even so, and even given the closure of rivers and streams to dredging, there is gold to be found in Sierra County, so don’t be surprised to see people with portable sluice boxes and crevice tools working the river as the water recedes.
Gold hit $1300 this week, an all time high, though a high corrected for inflation would have been in 1980 when gold was over $800; in today’s dollars that would be over $2000 an ounce.
What has driven gold up? The drop in the value of the dollar contributes, but so does having the market move away from dollars. In short, as the dollar loses value and the price of gold (and barrels of oil) increases, investors lose confidence and begin to buy gold.
Even so, and even given the closure of rivers and streams to dredging, there is gold to be found in Sierra County, so don’t be surprised to see people with portable sluice boxes and crevice tools working the river as the water recedes.
Live Gold Market is on our Front Page, top of the right hand column.
