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Gold hits record high
21 January 2009
Gold hits record high – doubles in value in two years
The price of gold has hit an all-time high, reaching NZ$1,745 for a one ounce coin at close of business yesterday.
The price is double the price that gold was trading at two years ago.
New Zealand Mint bullion dealer Mike O’Kane says the price rose an impressive NZ$75 today – and he attributes this to two things – the drop in the NZ dollar and the ever steady demand for gold driving the price up.
“Gold has hit a new record in New Zealand. We are used to seeing price fluctuations of a few dollars a day, but NZ$75 is almost unheard of.
“This is great news for canny investors who bought several years ago – many of them are making huge profits when they cash in their gold stocks.”
Mr O’Kane says people are buying gold as an insurance policy against the recession, and that difficult financial times see people turn to gold as a safe haven investment.
On the Web: www.newzealandmint.com
ends
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