Gold, Silver Up Thanks to Weakening Dollar
May 29, 2009 by Mark Ellis
Filed under Business
More and more investors are turning to gold as the dollar continues to fall, pushing up the value of the precious metal. Although the value of gold had been decreasing since late February, investor confidence in gold increased in April and has continued to propel gold toward the $1,000 an ounce mark.
Image: Flickr
According to Kitco.com, gold is currently at around $980 an ounce. If this trend continues, the value of gold will surpass the ten-year record set in early 2008 when gold was worth $1,002.080 an ounce. Gold has historically served as an alternative currency for investors when the dollar would begin to lose value.
Silver has experienced a similar jump in value because of the falling dollar. Its value increased by about $3.30, or 26.78 percent, this month alone, marking the largest monthly jump since January 1983. Other precious metals, like platinum and palladium, have also has their futures rise.
