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Thursday, December 13th, 2018 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

Rush for Gold is On Presently

Fear seems intense as many investors are fleeing to gold. In the midst of an unstable stock market, worries about the evident US weak economy and the debt woes of Europe, gold has been exciting investors with new high hovering around $1,800 per troy ounce earlier in August and fluctuating with a back down to about $1,750 per ounce.

The surge in the price of gold seems shocking if we consider that the price earlier this year was about $1,400 per ounce but five years ago the price was just around $500. Well, we may accept that the price of price may easily be influenced dramatically since the market is rather small compared to stocks but no one can dispute the fact that a gold rush is evidently on when you look at the figures.

Gold traders massively bought 121,336 contracts for gold futures and options in the Chicago Mercantile Exchange recently in the wake of the debt crisis debate in July, S&P’s downgrade of the US credit rating and the reality of the weak economic indexes. The present massive rush of investors to gold were explained by many experts as necessary because gold presents a better investment alternative when compared to paper currencies, stocks and bonds.

As at the end of trading on Wednesday, August 10, investors bought 951,623 contracts on COMEX gold which statistically was near the all-time high figure of 979,800 contracts attained in November 2010 as recorded by the Commodities Futures Trading Commission while the dollar amount exchanged for physical gold reached its fourth week highest figure.

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