Possible US recession?.... Gold $1000!!

[dancing-loon]

Gold hits $1,000 for first time

The price of gold reached a record, trading at $1,000 an ounce for the first time, pushed higher by a weak US dollar and fears about the US economy. Concerns about a possible US recession are seeing investors buy up commodities such as gold as an alternative to company shares and the US dollar.
http://news.bbc.co.uk/2/hi/business/7294040.stm
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I guess, one has to be really rich to be crazy enough to pay a thousand dollars for 31 grams of gold!!! :roll: It doesn't make sense to me. Where is the gold? Is it stored somewhere? Do the buyers actually get to hold the gold in their hands, as shown in the picture?

 

[jjaycee98]

I have 1/2 ounce-mmm actually several

In Coins that I bought several years ago. Trying to sell them on E-Bay at the moment. May do better with a broker though.

There are a number of coins for sale there so I guess lots of people do buy and do hold Gold in their hands.

 

[dancing-loon]

In Coins that I bought several years ago. Trying to sell them on E-Bay at the moment. May do better with a broker though.

There are a number of coins for sale there so I guess lots of people do buy and do hold Gold in their hands.

I would be interested, if it were a bit cheaper... say, around $35!!:lol:

Have a nice Sunday!