Record Gold Price, Countrywide Bankruptcy Rumor, and Live 14 Years Longer

The last time that gold was at $875 an ounce level was 28 years ago on January 21, 1980. Since them, gold has been in an extended bear market in almost 20 years until the current upward trend started in 2001. Today, gold contract reached a new all time high at $883.89/ounce before easing a little bit to close the session at $880.30 on NYMEX. Spot gold, meanwhile, also reached a record of $877 an ounce. Factors behind the surging gold price, which gained, include geopolitical uncertainties, inflation worries, and credit risks.

In the nominal dollar amount, today’s close is a record. However, if inflations in the past 28 years are considered, gold price has to up to nearly $2,200 per ounce today to surpass the $875 price in 1980 (picture from goldprice.org). I don’t know if that’s possible, but $1,000 gold is certainly within reach

US stocks took another hard hit today with the Dow losing 238 points as fears of a economic slowdown kept growing after AT&T CEO cited “softness” in its customers. Another big story today is the bankruptcy rumor of the nation’s largest mortgage lender, Countrywide Financial. Though the company denied it’s seeking protection, that didn’t prevent its stock from losing 28% of its value in one trading session. I am wondering what will happen to our mortgage if CFC does file Chapter 11.

Finally, want to live 14 years longer? According to a study by a group of British scientists, you could if you develop the following healthy habits:

• Don’t smoke
• Exercise regularly
• Eat lots of fruits and vegetables
• Drink moderately

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