Clerical Medical - The gold got dearer 149 % between 1998 and 2008
15-11-2008 golden marketThe price of the gold went off for being a capital refuge during the crisis. A report spread by the counsel of Clerical investment Medical points out that the price of the metal is at present 8 % more expensive than in August of last year. The price of the gold went off, and it stays high, from the explosion of the world financial crisis, which it converted to the raw material into a refuge for the investors in search of a sure value.
The maximum price of the gold was reached last March of 2008, when it went off up to 32 % - his biggest annual profit in the last 28 years - in a moment of maximum suspense on the markets, weakening of the dollar and increase of the inflation.
Nevertheless, in the last months the gold has fallen down 28 %, after the ounce reached the record for 1.012 dollars, 59 % on his average of 5 years for 593 dollars.
In spite of everything, the increase of 8 % from August, 2007 is 5 times the experienced one by the gold in 14 months previous to the explosion of the credit crisis, according to the consultants.
The depreciation in the last months also is relative if it is born in mind that the gold got dearer 149 % between 1998 and 2008, almost the double of the growth of other prime matters during the same period.
“The average price of the gold reached his maximum peak in March, 2008, when the investors were thinking about how to safeguard the value of his investments in the middle of the financial turbulencies, increase of the inflation and the weakening of the dollar”, told the economist chief of Clerical Medical, Martin Ellis.
15-11-2008 EFE
