Gold jumps $1740 an ounce as markets crumble

by WUPW on Aug 8, 2011

The precious metal of gold traded at $1,740.40 an ounce on Monday as United States and world stock markets crumbled in the wake of America's downgraded credit rating by Standard & Poor's.

Rick Luedtke of Ameriprise Financial Services says when you have a fear-based economy where a lot of things are going down in value, people want to look to something that's a safe haven. He says that is why gold is on the rise. It's a safe haven because at times gold can beat out inflation.

All information on this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold MinKL Invest harmless in any and all ways.