It has been a while since my last post. And you'll see from the graphs above that the price of gold has increased out of site during that time.
With the increase in value, we here at the NZ Mint have seen a dramatic increase in interest from everyday investors. I can tell you work has been really busy the past few weeks (hence my lack of posts...).
In the past three weeks gold has risen from about US$860 an ounce to US$911 today. Looking back to Christmas last year, we've seen the gold price jump over a US$100 during that time.
The most important reason for this has been the weakness of the American economy. Many pundits are picking the USA to slump into recession this year. And in such times gold becomes attractive as a safe haven investment.
In the past two weeks the US Federal Reserve has cut interest rates by 1.25% in order to try to starve off that recession. The cuts meant more money is available to chase gold and as a result investors have turned to the precious metal for safety.
In this country there has been a lot of media interest in gold's rise: I appeared on TV3's Sunrise programme to talk about factors affecting the price of gold and the New Zealand Mint featured in the NZ Herald to talk about the gold price.
I'll continue to keep an eye on the price of gold and keep you up to date right here.
In other news, when you buy gold - this is what you're buying - gold atoms magnified a zillion times under a microscope. Pretty huh?
With the increase in value, we here at the NZ Mint have seen a dramatic increase in interest from everyday investors. I can tell you work has been really busy the past few weeks (hence my lack of posts...).
In the past three weeks gold has risen from about US$860 an ounce to US$911 today. Looking back to Christmas last year, we've seen the gold price jump over a US$100 during that time.
The most important reason for this has been the weakness of the American economy. Many pundits are picking the USA to slump into recession this year. And in such times gold becomes attractive as a safe haven investment.
In the past two weeks the US Federal Reserve has cut interest rates by 1.25% in order to try to starve off that recession. The cuts meant more money is available to chase gold and as a result investors have turned to the precious metal for safety.
In this country there has been a lot of media interest in gold's rise: I appeared on TV3's Sunrise programme to talk about factors affecting the price of gold and the New Zealand Mint featured in the NZ Herald to talk about the gold price.
I'll continue to keep an eye on the price of gold and keep you up to date right here.
In other news, when you buy gold - this is what you're buying - gold atoms magnified a zillion times under a microscope. Pretty huh?
