Gold at over $ 1000 an ounce?!November 3, 2009
Back in ’79-80, when I was in graduate school, I remember waking up every day and hearing that inflation during the Carter Administration was causing the little money we had to lose value on a daily basis. In fact, I had to cut my graduate studies short and wrap it up in a year because I had to get back into the work force fast – the budget we had planned to use for that year went out the window just because of inflation. We lost almost 20% of the value to our money in a single year.
One of the big indicators I remember hearing about every morning was the price of gold. It was over $ 300 an ounce, and rising fast. I thought that was a bad thing.
I heard this morning that gold is over a thousand dollars an ounce. You can check on that price here. The rise in the price of gold makes me fear that overall inflation can’t be far behind, and that is a scary thing, friends. I’m no economist, but I sure would like to see some other direction in government – almost any other direction! – instead of the nuttiness we have going on right now.