Introducing of new i-Series product from PUBLICGOLD

                        Available for ordering now!!! 

 

                              Purity: 22K Gold (Au 916)

                     New Pricing on Public Dinar Website.

i-Series 22K Jewellery Live Price (Last updated 20/07/11 12:25 AM)   PG Sell PG Buy Available Now 20 gram RM 3,228.00 RM 2,905.00 50 gram RM 8,071.00 RM 7,264.00 100 gram RM 16,142.00 RM 14,528.00 Coming Soon 5 gram RM 807.00 RM 726.00 10 gram RM 1,614.00 RM 1,453.00

Debt fears send gold price to new record ($US1,600)an ounce

HIGHER: Debt problems in the US and Europe have pushed the gold price to a new record above $US1600 an ounce. GOLD'S reputation as a safe place for your money sent it above $US1,600 ($A1,508) for the first time. Investors are worried about debt problems on both sides of the Atlantic. So they bid gold up $US12.30 an ounce overnight to settle at $US1,602.40. That's a record for the market price for gold, but below its 1980 peak after adjusting for inflation. An ounce of gold at that time cost $US850, or about $US2,400 in today's dollars. Gold is looking better by the day because debt problems in the US and Europe are making two other so-called safe havens, the dollar and the euro, seem shaky. The US could default on its debt on August 2 if Congress and the White House don't agree to raise the country's borrowing limit. In Europe, investors are worried that Greece may default. Countries including Italy, Spain and Ireland are also struggling to pay their bills. Start of sidebar. Skip to end of sidebar. End of sidebar. Return to start of sidebar. Defaults could mean losses for the banks that own bonds issued by those countries, and that could trigger widespread disruption in financial markets. Why own gold? It's because gold has a long history as a way of preserving wealth, said Tom Winmill, portfolio manager of the $96 million Midas Fund. The fund owns gold and stocks in gold miners. ``In 6,000 years, gold is one of the very few assets that have never gone to zero.'' Winmill expects gold to rise to $US1,800 by the end of 2012. Investors believe gold is safe because it doesn't depend on a government's ability to repay a bond, like a Treasury or a Greek note. Neither do other commodities like crude oil, which has the added use of powering cars. ``But it's much easier to pick up a bar of gold than a swimming pool of oil,'' said James Steel, an analyst with HSBC. Gold rose 21 per cent in dollar terms in the 12 months through June 30, according to the World Gold Council, an industry group. It rose against other currencies, too: up 2.2 per cent in euros, 10.4 per cent in Japanese yen and 16.5 per cent in Indian rupees. But gold fell 5.5 per cent against the Swiss franc, which is seen as one of the world's safest currencies. Gold's rise has accelerated in the last two weeks: Monday was its 10th straight day of gains after it closed at $US1,482.60 on July 1. Gold has also steadily risen since the start of 2009, when it cost $US880. The Federal Reserve has kept short-term interest rates at a record low of nearly zero since December 2008. Low interest rates weaken the appeal of the dollar, and that in turn sends gold higher. Investors are behind much of the increase in the price of gold. Demand from investors rose 26 per cent in the first quarter from a year earlier, according to industry data. Demand for gold from dentists for crowns and from companies for use in electronics was flat. Demand for gold in jewellery rose 7 per cent.