In news that will undoubtedly make pirates sweat, the price of gold has hit record highs over the past few days.  Thanks to a weakening US dollar and increased demand in India in the days leading up to the festival of Diwali,  the price of gold has shot up to an incredible $1,043.45 an ounce in trading today.  While that’s not the high once inflation is factored in, it is the highest price on record in dollars.

Looks like it might be time to start melting down those gold statues and scraping the leaf off your golden Porsche.  Then again, if you can afford those things, do you really need the extra few dollars from selling off your gold?  In this economy, there’s no telling just who is running out of cash.

I wonder if we’ll see a run on pawn shops as people rush to cash in on the higher gold prices.  If you’re in the market for some estate jewelry, now might be the time.  It’ll cost you more, but it’ll also be flooding the market, so maybe those two forces will offset one another.  At the very least, you’ll have your pick of goods.

Tags: gold, record gold prices, gold exchange, business, futures, economic news, gold over 40 an ounce

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