Gold Futures Rise To $900 Ounce Price, Record

Today, for the first time in history – the price of Gold rose to $900 an ounce in futures trading. That record price is bad news for an already hurting U.S. economy and spells bad news for optimistic economic watchers that hoped the United States would avoid a recession in 2008. The price of Gold is tied directly into the U.S. economy. As the 'good times rolled' in the mid to late 1990's, the price of Gold was low as were crude oil prices. However, over the past couple of years – Gold has seen a steadily rise in price while crude oil prices have gone through the roof.

The reason Gold rises during bad economic times in the United States is because the major money people around the world lose faith in the U.S. dollar. During good economic times, the U.S. dollar is a safe place to put idol money because of the stability of the United States of America. However, in recent months, the U.S. dollar has been dropping against other major currencies. Since other currencies are not as respected as the U.S. dollar, the richest of the rich are selling U.S. dollars and putting those assets into the oldest investment in the world, Gold. This demand for Gold drives the price ever higher to where today Gold future prices reached an all time record of $900 per ounce.

A long protracted and expensive War in Iraq along with ever increasing domestic spending by lawmakers in Washington have brought the U.S. dollar to one of the weakest points I have seen in my lifetime. When add to out-of-control spending and the lack of oil exploration inside the United States you come up with the perfect formula for the U.S. to fall into a bad recession in 2008. While President Bush is traveling the world trying to get people that have hated each other for thousands of years to talk peace, back here at home the U.S. economy is falling apart. U.S. economic problems are only partially the fault of President Bush. Both Republicans and Democrats in Congress are the real criminals when it comes to massive government spending and lack of oil exploration within the continental United States.

Everyday the price of Gold and crude oil rises is one more day that someone in America will either lose their job or find it difficult to get a loan for a house or a car. While Gold might be pretty to look at, in reality in the United States the more the value of that Gold goes up, the less likely average Americans are to get ahead economically in life.

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