Gold prices hit a new record high Friday as investors fled into gold as a safe-haven asset.
Gold for August delivery was popping $12.70 to $1,261.40 an ounce at the Comex division of the New York Mercantile Exchange.
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Top Three Reasons To Buy Gold – Part 2
Mine production of gold is influenced by very specific factors, for example the level of exploration spending, the success or not in the discovery of new gold deposits, and the actual cost of extraction and processing of the gold. This all means that some new gold deposits are literally not worth their weight in gold, given the expense of extracting from source. The lead times in gold mining are often fairly prolonged affairs. It can take years to re-open a formerly dis-used closed mine, let alone further expenses incurred from finding and mining new gold reserves.
More on Buying and Investing In Gold – Part 2
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