You'd think a "financial reporter" would know better.
http://news.yahoo.com/s/ap/20060511/ap_on_bi_ge/gold_pricesGold Prices Soar to New 26-Year High
Associated Press
Gold prices surged to a new 26-year high above $725 an ounce Thursday on inflationary worries expressed by the U.S. Federal Reserve.
The June gold contract rose as high as $728 an ounce Wednesday on the New York Mercantile Exchange, its strongest level since early 1980. It eased back to settle at $721.50, up $15.80 on the day.
The all-time record for gold was set in January 1980 when it hit $875 an ounce in a huge day-and-a-half surge. But it quickly fell back under $700.
Dear reporter:
Your story is complete hype. Gold is nowhere near it's historical high. Why do I say this? Becuase you are forgetting about a little factor called "inflation".
$875 in 1980 dollars translates into about $2,200 in TODAY'S dollars. Or to look at it backwards, $728 of today's dollars would equal $344 in 1980 dollars.
So you see, there is no record, no crisis, just hype by people who are comparing apples to oranges because they are complete gits.
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