Fashion sets off a new gold rush
Demand has soared while output stayed flat. Angus McCrone explains the driving forces behind the rise and rise of the precious metal
IN the classic 1964 James Bond film Goldfinger, the villain hatches a dastardly plan to corner the world bullion market. If he were around today, he might well decide to drop the scheme and concentrate instead on counting his wealth — the price of gold has surged from $250 a troy ounce in 2001 to a peak of $574 this month.
And, anyway, what would be the point of cornering the market? The increasingly exuberant upswing in the price of gold — and other precious metals — in the past four years seems to have become a self-fulfilling prophecy.
( Full story here )
IN the classic 1964 James Bond film Goldfinger, the villain hatches a dastardly plan to corner the world bullion market. If he were around today, he might well decide to drop the scheme and concentrate instead on counting his wealth — the price of gold has surged from $250 a troy ounce in 2001 to a peak of $574 this month.
And, anyway, what would be the point of cornering the market? The increasingly exuberant upswing in the price of gold — and other precious metals — in the past four years seems to have become a self-fulfilling prophecy.
( Full story here )
posted by Oil Shock at 5:38 PM
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