Could The Price Of Gold Hit 6.000 Dollars An Ounce?

The Western economies where hit back in 1980 by a series of crisis were coming one after another

. The unbelievable thing was that in the middle of all that chaos, gold managed to reach 850 dollars an ounce. This price was seen again only after about 30 years.

After the end of the first World War, the agreement signed at Bretton -Woods stated that the dollar was interchangeable with gold at a price of 34 dollars an ounce. But the French suspected back in 1960, that the Americans printed so many dollars and they didn't have enough gold to back them up.

And as a result they decided to change the US currency reserves into the precious metal. Soon after they found out what France did, the Central Banks of Belgium, the Netherlands, Germany and even Britain also decided that to change their dollar deposits into gold. Back in 1980 because of the great demand for the yellow metal, the prices of gold reached a new peak of 850 dollars an ounce

In our days, China decided to diversify its reserves while the US currency was weak and so it began to invest in the yellow metal. Also, it is a known fact that countries like Venezuela and Russia have been investing in the glittering metal for years. The boldest country of all was India, because in 2009 it bought 200 tons of gold from the International Monetary Fund. And one of the worst moves in 2009 was Gordon Brown's decision to sell a very big part of the British gold reserves.

In these days, the Central Banks have become the buyers instead of the sellers. This is the perfect moment when one should invest in the yellow metal in order to diversify their portfolio. Most people have realized that the precious metal is a very good asset to own and this is why they are now trying to come up with the money to invest in it. If this has raised you interest, then you should do a little research and then decide in which gold product you want to invest in.

by: Kathryn Smith

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