2008 could be shaping up to be a golden year – at least, for those who own the precious metal.
On the New York Mercantile Exchange this morning, gold for immediate delivery rose by $12 an ounce, to $908. So far this year, gold has gained 8.9 percent, while the dollar has fallen 2 percent against the Euro.
With Federal Reserve chairman Ben Bernanke signaling that the Fed will probably cut interest rates yet again on Jan. 30, it’s possible that gold’s run will continue.
Historically, investors have bought gold in uncertain times, seeing it as a hedge against currency depreciation or political unrest.