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Gold price hits record high

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by BAK, Jul 14, 2011.

  1. BAK

    BAK JF-Expert Member

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    Jul 14, 2011
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    [h=1]Gold price hits record high[/h]Fears over inflation and European debt drive price of gold to $1,587 an ounce
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    Investors have retreated to the safe haven of gold as concern about the eurozone rumble on. Photograph: Getty

    The gold price reached record highs on Wednesday as investors scrambled for safe havens in the face of Europe's escalating debt crisis.

    Fears of higher inflation also helped to push up the precious metal by 1.2%. It hit its highest point of $1,587.46 per ounce after Ben Bernanke, chairman of the US Federal Reserve, hinted at further efforts to stimulate the American economy.

    The gold price has now posted its eighth consecutive daily rise, gaining $100 per ounce since the start of July. Other precious metals also rallied, with silver gaining more than 5% to $38.30 per ounce.
    Analysts said that gold was benefitting from fears that Spain and Italy will become the next members of the eurozone to need financial help.

    "With European sovereign debt fears intensifying again, [and] little clarity on what eurozone officials intend to do next ... gold has been a beneficiary," said UBS analyst Edel Tully in a research note. "This should, in theory, be gold's time to shine as a safe haven and as an alternative currency."

    Gold has more than doubled since December 2008, and Bank of America-Merrill Lynch forecast on Wednesday that it would continue to rise for the next five years.
    Bernanke told the House of Representatives financial services committee that the strength of gold reflected "global uncertainties" and worries that the global economy faced a major crisis.

    Under questioning, Bernanke also said "tradition" dictated that most central banks held large quantities of gold bullion in reserve, rather than another asset such as diamonds.
     
  2. Chimunguru

    Chimunguru JF-Expert Member

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    Halafu wale jamaa kule Mara wanapewa tax holiday! kweli sisi ni kichwa cha mwenda wazimu. Chini ya magamba tutaendelea kuwa masikini milele na milele AMINA! hiyo faida ilibidi itunufaishe lkn waaapi!
     
  3. BAK

    BAK JF-Expert Member

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    Jul 14, 2011
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    Mkataba wa kifisadi wa kuchimba dhahabu yetu na uliposainiwa rasmi kati ya Tanzania na Barrick mnamo mwaka 2000 bei ya shahabu katika soko la dunia kwa ounce moja ilikuwa $220 miaka 11 baadaye imepanda karibu mara nane lakini kama nchi hatufaidiki na chochote kutokana kwa kupanda huku kwa kasi kwa bei ya dhahabu, wanaofaidika ni ni Management ya Barrick na Shareholders wao
     
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