Tuesday, May 11, 2010

Gold Reaches a New All-Time High

Gold has hit a new all-time high at 1233.70 as of 1:21 pm on May 11, 2010. In a day where metals markets have risen sharply, people may ask why this would occur.

There are many theories regarding gold & silver's sudden climb. Some harbor worries about Europe (Greece in particular), the oil spill, the uncertainty of the US economic recovery, and inflation.

Most recently, there has been word of an open federal investigation of JPMorgan & Chase. This investigation is centered around charges that the company has been fixing the price of silver. These accusations were published by the New York Post and the Post claims that JPMorgan fixed the silver market by flooding the market with silver when the spot price should have risen on account of economic developments, etc. These are serious allegations, as such actions are very illegal.

There are many people that believe Silver should be much higher than it currently is, and this accusation of JPMorgan fixing the market lends some credit to the belief.

Thanks!
Staci

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