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Gold Climbs Higher
January 04, 2008

Gold Continues it's Run

After brief profit taking, Gold continued it's climb today, cracking the $865 barrier before slipping back to $862 as of this posting. Silver was pulled along too and sits at $15.36 as of this afternoon.

Crude oil remains within sight of $100 a barrel and the dollar is floundering against most all other major currencies.

With it's new record price, it will be interesting to see what gold does next. Some are predicting an almost certain downturn in gold, similar to what the precious metals market experienced after the surge of 1980. Given that much of this current drive is based on speculative investment, I find myself thinking the same way. Without exceptionally strong demand from the jewelry trade and industrial sector, the only support gold has comes from the hopes of it's proponents. As of this moment however, those hopes are very strong and reflect a definitive lack of confidence in the U.S. dollar, and the U.S. economy.

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About the Author
Tom Michael has been Krause Publications primary market analyst on more than 80 world and United States coin catalogs produced over the last 20 years. He came to KP in 1987 with a bachelor of arts degree in history, a master of arts degree in economics and a history of coin collecting stretching back to the 1960s. He began collecting world coins as a child by asking friends and relatives to bring coins back from overseas trips, visiting flea markets and having his mother watch for foreign coins in her register at the local grocery store. Today he works with a dedicated base of over 200 contributors to provide accurate market values for the five-volume Standard Catalog of World Coins series, as well as many specialty catalogs, including Coins & Currency of the Middle East and the fifth edition of Unusual World Coins.

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