How do you decide if gold is worth $1,200 an ounce? Answer from a Goldie and a Bully
A new study from a gold mine in Northern California that mines for gold in the Sierra Nevada mountains has found that the value of the metal has jumped by more than 50% since gold prices peaked in 2009.
In addition to its value as a precious metal, gold also has value as an investment, a precious water source and an essential component of jewelry.
“This study has important implications for how we think about the value and trade value of gold,” said Kevin Riddell, senior analyst at the U.S. Commodities Futures Trading Commission.
The study, which analyzed gold prices and prices from the gold market since the 2009 peak, found that gold prices have surged more than 80% since the beginning of 2017, and by as much as 70% since mid-March.
Riddell said the increase in gold prices has resulted in more people buying gold as an asset.
“The most recent trend shows that the gold price continues to rise,” Riddel said.
“There’s not a lot of silver out there that’s worth $600 an ounce.
So the gold bulls are really in a good position.”
Gold is one of the most common precious metals mined in the U