Each weekday, Cash4Gold will troll through the web's gold banter and post some of the bigger or more interesting stories. Following is a run-down of today's features:
Wall Street is closed in recognition of Good Friday, today, so not a lot happening across the web in regards to gold chatter.
Let's take this opportunity to step back and look at the activity of the price of gold this year.
Jan. 2: $874.90
Jan. 9: $853.60
Jan. 16: $842.40
Jan. 23: $898.30
Jan. 30: $927.10
Feb. 6: $911.40
Feb. 13: $941.60
Feb. 20: $993.20
Feb. 27: $939.60
Mar. 6: $938.40
Mar. 13: $929.40
Mar. 20: $952.60
Mar. 27: $923.10
Apr. 3: $893.80
Apr. 9: $880.10
While the price of gold did top $1,000 an ounce briefly, it's interesting to note that Thursday's closing price is a mere $6.80 above Jan. 2 close, and $1.00 below the close of 2008. As volatile as it seems gold has been, the price has been completely flat overall from the start of the year to now.
What does that mean? Tough to say, and there's no consensus on the future of the gold price. Some are bullish, others more cautious -- well respected experts on each end of the spectrum. However, it would seem there are a couple of factors working against gold hitting $1,000 an ounce again any time soon:
1) There is more investor confidence and global economic optimism now than there was a few months ago. It's possible that we've seen the worst. If that's the case, given that gold is most appealing during tough times, this works against gold. We may have seen the best conditions for gold pass us by.
2) Although things are turning around, let's not fool ourselves. Businesses are still struggling. Most important to gold investors, jewelery retailers are struggling. This will continue to weigh down the price of gold.
That doesn't mean this is an open and shut case. Inflation is still a major driver of the price of gold and is a very huge possibility.
In the end, though, what the first three months-plus reminds us is that gold is both safe and stable. If you have gold to sell, the best time is when you need the money.