Cash is king no more… gold reigns
Price of yellow metal surges to $1,670 per ounce
By Vicky Kapur
“Gold at $1,500 an ounce? Yeah, that’ll happen when the stars start falling from the heavens,” an investor friend of mine said recently in response to my article titled Gold price yo-yo: $1,500 to $10,000, anything is possible, which was published on Emirates 24|7 on September 14, a week after the yellow metal made its all-time high of $1,920.30 per ounce.
Last week, a satellite – admittedly, not a star – did fall from outer space and hit mother earth (Nasa’s dead satellite fall starts over Pacific) and, more importantly, spot gold fell more than $385/oz from its peak and traded at $1,531.90 per ounce yesterday even though it has since recovered almost $140 an ounce and is currently trading at $1,671.50 per ounce (1.30pm UAE time, 09.30 GMT).