Headline: Gold: The hedge against political stupidity
NEW YORK (CNNMoney) -- Gold is said to be a hedge against inflation, deflation and all other nasty sorts of economic bugaboos. It looks like it may be a hedge against political incompetence too.Source: money.cnn.com
The price of gold has surged more than 7% in just the past week and a half. The yellow metal is now trading around $1,750 an ounce.
That's still a bit lower from the all-time high of about $1,924 from just a few months ago. But experts think that a new record could be in the cards soon if the debt melodrama in Europe (As George Papandreou Turns?) continues.
The incessant chatter and gossip -- will there be a referendum or not? -- is only serving to make already jittery investors even more skittish. That's a perfect recipe for a rally in gold, which is the quintessential safe haven because it's something with tangible value ... as opposed to a stock or paper currency.