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Thursday, June 17, 2010

Gold Prices Soar to Record High Close

Gold prices reached a record high close on Thursday, as continuing negative economic data show we are far from being out of the recession, even if people want to soon call it a double-dip recession, as if there was ever a recovery any of us have experienced.

Most of the economic data put forth as evidence of recovery has come from government gimmicks like "cash for clunkers" and tax rebates, as as far as housing starts go, which already plunged 10 percent once the rebate program was ended.

All this means there is no true demand in the private sector which can be pointed to as a reason to believe there has ever been a recovery in the first place.

Gold has been a major indicator of this reality, and the price of gold continues to go up as those who understand the forces at work run to the one real place of safety continue to invest in it.

Even the bad economic news was reported as only revealing slow recovery, not even questioning whether it was legitimate or not.

Gold prices today closed at a record $1,248.70 an ounce, a gain of $18.20 for the day. The former record close was $1,245.60 an ounce on June 8.

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