|
pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
 Posted - 12/18/2008 : 19:30:07
|
We have all heard that gold hit a record high of $850 per ounce back in 1980 which has been heralded as good news by gold bulls (prices may go higher than this price) and we have heard this as bad news from gold bears (it fell from the lofty highs and only now has reached this price again.)
For all of the talk of the $850 peak price we are rarely told (or not even informed of the fact) that the $850 price was only for one day.
From Kitco charts-
January 17,1980 gold price $750
January 18, 1980-gold price $835
Jan 19-20 1980 weekend
Jan 21, 1980-gold price $850
Jan 22, 1980- gold price $737.50
For the entire year of 1980 the average price of gold (monthly) was $594-$675.
The average price fo gold (monthly)in 1979 was $227-$455
in 1978 the average gold price (monthly) was $173-$227
in 1977 monthly it was $131-$162
These are average prices of gold, daily prices would be higher or lower than the average.
To find the charts and prices yourself for your own analysis-
Go to
You must be logged in to see this link.
click on
Historical Charts Gold
Then scroll down to
Yearly Gold Charts
Check on the year or years you want to examine
then click on the
View Charts and Data button
for your results.
(The View Charts and Data buton is a long shaped button)
**********************************************************
From looking at the data from 2000 to present it seems to me (my opinion only mind you) that the increase in the price of gold has been gradual, with increases happening at $50-$200 increases per year, unlike the huge runup of 1979 when the price went from a low of $216.85 to $512 per ounce.
Prior to 1979, gold stayed in a somewhat narrow price range of $30-$50 an ounce per year.
Huge runups in a short timeframe should be a red flag the peak price is in sight. We are not there yet, the price of gold is rising slowly, too slow for some, just right for others (those who wish to add to their hoarde.)
When will the peak price of gold be in sight?
When the talking heads on Investment channels say nothing but nice things about gold in all its forms (ETFs, gold certificates, gold mines, etc.)
Then we will know it is time that gold is beginnng to reach a new peak price.
|
|
Interesting historical gold price facts
Forum Locked
