Gold breaks the $1,400 mark


Gold, the 2010 go-to asset for investors worldwide, has again reached new heights, this time breaking past the $1,400 mark for the first time.

The price of gold, which has been breaking records on a near-weekly basis, has now reached a record high of $1,413.50 per ounce.

Traders are said to be frantically buying gold, especially as inflation fears are rife.

Financiers are now saying that a retooling of the gold standard could aid the worldwide economy. World Bank President Robert Zoellick feels that bringing gold back into the global monetary system could be a serious plan of action. Mr Zoellick said: “The system should consider employing gold as an international reference point of market expectations about inflation, deflation and future currency values. Although textbooks may view gold as the old money, markets are using gold as an alternative monetary asset today.”

Investors have rushed to jump on the golden bandwagon in the face of economic concern. Throughout history gold has proved to be the the traditional way to store wealth in times of monetary crisis.