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Friday, June 25, 2010

Gold Prices Surge as US Economy Crawls

Gold prices pushed higher on Friday as confirmation the US economy is wobbly at best caused investors again to flee to gold for safety.

On the Comex division of the New York Mercantile Exchange, gold prices went as high as $1,255.80 an ounce for August delivery.

Gold prices on Friday traded as high as $1,258 and ounce. The all-time high for gold is $1,264 an ounce.

Although those of us who follow the markets and economy weren't surprised, the U.S. government GDP was downwardly revised again, confirming the US economy is crawling, and reinforces my belief we've never had a recovery, and are still in the midst of a recession.

The first-quarter GDP number was downwardly revised to 2.7 percent.

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