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December 1999

Precious Metals & Bench: Data & Statistics

Gold Prices Capture Attention

Just in time for Christmas sales, news reports have focused on the value of gold

Gold prices broke the $300-per-ounce barrier for the first time in a year in October. The increase was spurred by the unexpected announcement that 15 European central banks would limit annual sales to 400 tons in the next five years.

The decision was expected to stem a long decline in gold prices caused by oversupply. Gold prices reached a 20-year low of $252 this summer. But just as quickly as the prices rose to $323 in early October, they fell back to $296 as the month ended. The reason is a complicated one involving lease rates, which reflect the cost of borrowing metal. A decline in lease rates caused many investors who had bought gold during the price runup to sell.

Keep your eyes on gold prices so you can negotiate with your gold jewelry suppliers knowledgeably. Even more importantly, use the ups and downs of gold commodity prices to romance your jewelry with consumers. Whether the price is up or down on a particular day, the fact that it draws the world's attention is evidence that gold does matter to a lot of people –  and therein lies its intrinsic value.

by Ren Miller

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Copyright © 1999 by Bond Communications.



 

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