Gold has been in a bull market since 2001, rising from about $250 an ounce to a present gold price of about $1500 an ounce in that space of time. I began observing the price of gold around 2005 when it was around $400-$500 an ounce and built this simple website so I could track the present gold price more easily.
Although the present gold price is about 6 times higher than it was 10 years ago, many experts believe we are still only in the early stages of this bull market. As governments and central banks around the world continue to depreciate the value of their currencies through inflation, people are beginning to realise that converting these currencies into gold coins, gold bars, or even beautiful gold jewellery, is a much safer way to preserve their wealth and purchasing power over the long term than holding onto wads of "promises to pay" printed on little coloured pieces of paper.
Although we have been conditioned to believe that paper currencies are "as good as gold", the fact of the matter is that since the gold standard was abandoned several decades ago they are not. We do not need to look any further back than the currency crisis in Zimbabwe a couple of years ago and the government's introduction at its peak of a 100 trillion dollar note to see just how hollow these paper promises become when a population loses faith in their government's ability to pay its debts. The fact that the present gold price is at record levels is a vote of no confidence in Fed Chairman Ben Bernanke and his printing press.
History has taught us that all paper currencies eventually return to their intrinsic value, which is zero. Yet time and again - in Weimar Germany during the 1930s, in Russia after the break-up of the Soviet Union, in Mexico, Argentina, Zimbabwe and so on - ordinary people who were unprepared have learned this lesson the hard way, losing much of what they worked all their lives for through currency devaluations and hyperinflation. That is why it is important to be aware of what the gold price is doing and to be on your guard if there are sudden changes in present gold prices.
It is notable that in Asian countries ordinary people have always had a high regard for gold as a reliable, convenient and portable store of wealth. As the major economic powerhouses of Asia - especially China and India with their enormous populations - continue to develop, demand for gold from their growing middle classes will likely be one of the driving forces that will underpin the price of gold over the next few years.
There are many other reasons why gold should continue to perform very well as an investment class over the next decade. Chief among these is the fact that unlike paper money, gold cannot be printed. It is a finite resource, and supply is limited. It has been calculated that there is only about one ounce of gold available for every man, woman and child in the world today. Not a lot, when you consider how much wealth people have to protect. Gold is concentrated in the hands of very few people at the present time. Only about 1% of people are thought to be invested in gold. These are the people who know the Golden Rule...
He who owns the gold makes the rules.
If you're looking to sell your gold jewellery, you can use the present gold price chart for jewellery on the right hand side to see what it's worth. If on the other hand you're wishing to buy gold coins or bars, check out American Precious Metals Exchange (APMEX). APMEX has a wide variety of gold bullion bars and gold coins; everything from Gold Eagle coins, Gold Buffalo coins, and pre-1933 U.S. gold coins to important world gold coins such as British Sovereigns, Austrian Philharmonics, Chinese Pandas and Australian Kangaroos. You could even win a 1 oz. Gold American Eagle just for registering.
Register with APMEX.com today for a chance to win a FREE 1 oz. Gold Eagle!
Whatever your reasons for being interested in gold, this site will keep you up to date with the present gold price. Please add it to your favourites and use it often as you work to protect your wealth.