The current price of gold, as of October 7th, 2011 is $1,637.30 per troy ounce. This is a bit of a drop from its peak, which was $1,920.20 back in September. Nevertheless, gold does continue to maintain its consolidated price, if not surpass it. An article from Reuters suggested that gold will “stay strong” because of a “lack of alternative havens.” This does make sense. After all, when currency drops in value, the natural reaction is to put one’s assets in a proven or “safe” commodity.
Gold is very safe, as it is universally accepted and maintains value regardless of recession or depression. In fact, gold increases whenever currency falls. It is a store of value metal and also works as a hedge. Just think back to the Great Depression. In these critical times, the government was so desperate for gold that it banned the “hoarding of gold” for a time, and even confiscated American Double Eagle coins. (The few surviving coins from those years are now worth a fortune.)
In fact, many financial experts state that the current price of gold (its stalling) is temporary. A representative from the Antares Precious Metals Fund, Kurt Hug said, “We consider the current weakness in gold as temporary and also the slump in commodity prices should come to an end soon.” Yes, gold is surprisingly low priced at this time, which has lead many individuals to become highly suspicious of why it hasn’t risen. Some even suspect a government conspiracy of “fixing the price!”
It’s not impossible of course, but it’s a somewhat irrelevant notion. Even if such a scenario were happening, it wouldn’t last forever—just long enough for the richest class to buy even more gold until they could no longer price fix. Gold accelerates in price and gold owners benefit. Well, if that were true, you as a consumer certainly wouldn’t be excluded from participation. Gold coins and bullion are available right now and can be purchased in person or online.
Here’s the thing: even if all this gold paranoia proves to be overblown and gold price never increases, you will still benefit from your gold purchases. Since gold maintains its value over time, you will actually be converting your assets and not investing them with any risk. It’s a win-win scenario. To be honest, the notion of gold increasing drastically in price in the next few years is not farfetched at all. Isn’t it about time you started buying? Check an online coin dealer website to find out more about the current price of gold.