It’s been a pretty big week for gold. After hitting US$1000 an ounce last week the price rose to US$1012 on the back of the news that America’s fifth largest bank Bears Stearns was bought by JPMorgan for $2 a share (after trading at $150 a share 12 months ago). Investors took flight and bought up gold as a safe haven investment.
Profit taking has seen gold drop to US$988-$990 today.
Media interest in gold’s rise has been intense over the past week and the NZ Mint featured on TV3 News and Sunrise to talk about international factors influencing the price of gold and how New Zealand investors are investing in the precious metal.
We expect the price to remain healthy as uncertainty in world markets continues.
