The volatile economy has resulted in gold prices reaching record highs.
With the stock market drop yesterdy, the value of gold soared reaching historic highs of over $1,700 per ounce. At close of market yesterday, the value of gold was marked at $1,744.70 per ounce, according to kitco.com. “Precious metals keeping increasing because the dollar is so weak,” said James McKale, manager of Sabre’s Fine Jewelry in Collegeville. McKale said the value of gold definitely climbed a lot today, and only a few days ago it was around $1,650 per ounce. He said the value was only $450 a few years ago and has been steadily increasing. McKale said the increased value of gold has greatly affected his business. He said more people are selling their gold rather than buying, so his sales have dropped “drastically.” According to …
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What happened today, why, and what to expect next? Some level-headed experts offer an analysis.
It's all over the news. It's the big headline. The Dow Jones Industrial Average fell 643 points, or 5.55%, on Monday, following Standard & Poor's downgrade of its U.S. credit rating from "AAA" to "AA+." The NASDAQ and S&P 500 indexes? No better, at -6.9% and -6.66%, respectively. However, in a system as complex and unpredictable as the stock market and global economy, a lot of answers can get lost in the fray. Was today as bad as it could have been or did we luck out? What happens next – should an investor sell or buy? And for those unfamiliar with the stock market – just what the heck is a credit rating downgrade anyway? To get the answer to these questions, we talked to a number of finance and accounting professionals, who have more to …
James Myers
9:51 pm on Monday, August 8, 2011
Update: CNBC is reporting that Asian markets were down within minutes of opening tonight. Hong Kong's Hang Seng index is down over 6% already. more ›