October 7th, 2010 5:21 am EST
Gold Currently Trading at $1,356.60 USD Per Ounce
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Can anything stop the upwards march of gold right now?
The precious metal has been on an absolute tear as of late, recently slicing through the $1,300 USD/oz level like butter. As of this moment, gold is currently trading at a lofty level of $1,356.60 per ounce.
The reasons for the surge in the price of gold are many. The main thrust of the move has been due to investors piling into the defensive asset due to continued worries about the global economy. There are many issues in the United States and Europe right now, and many investors are placing their money in defensive assets such as gold. An article surfaced earlier this week that claimed that many "super-rich" investors are putting large sums of money into gold at the behest of their financial advisors.
 With the US economy increasingly looking as though it is about to sink into a "double-dip" recession, another round of quantitative easing in the country looks inevitable. This will add to inflationary pressures, which will lead to further weakness in the US dollar and likely continued gains for commodities such as gold.
Some famous investors (such as John Paulson) believe that the price of gold is headed much, more higher. Other famous investors (such as Soros) believe that gold is a "bubble" that is eventually going to pop.
Which side of the fence are you on?
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