Gold Hits Two-year Low After Fed Announces Stimulus Cut

The price of gold hit $1,195 per ounce, the lowest since the summer of 2010

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The price of gold hit its lowest level in more than two years after the Federal Reserve announced that it would begin cutting back on its massive bond-buying to prop up the economy.

The price of the metal fell more than $36 on Thursday to reach $1,195 per ounce, the lowest level since August 2010, USA Today reports. In recent years, economic volatility caused the price of gold to rise as investors put their money in the metal as a safe way to ride out a downturn.

Some currency experts have characterized the drop as a reflexive sell-off from investors looking to lock in profits from their investments in the metal.

[USA Today]

2 comments
SukeMadiq
SukeMadiq

$10k in gold invested 200 years ago would be worth $26,000. today after adjusting for inflation.


$10k in stocks invested 200 years ago would be worth $5,600,000,000. today after adjusting for inflation.


Not a typo, 5.6 billion for stocks, 26k for gold.


SamuelClemens
SamuelClemens

Wonder how WIlliam Devane, the Foxers, Rand Paul and fellow Libertarian shuckters account for gold going down after cutting governmental stimulus? Apparently we are seeing the collapse of the scam that government spending inevitably debases currency by automatically causing inflation. When will the upper class warriors admit the same about the scare tactic of the government deficit? Of course they don't ever let the truth be spoken to their power.