Gold Versus Dollar
The price of gold soars while the value of the U.S. dollar sinks. Steve
More and more people are worried about the economy, and one big indicator of that fear is the price of gold.
It's in record territory and people are trading their dollars for it.
The experts say it's always a bad sign when people dump their dollars, but that's what's happening in the biggest move to gold ever.
It's never been more valuable.
Gold closed this week at over fifteen hundred dollars an ounce, which is an all-time high.
People are selling their jewelry.
The one thing driving up gas prices, speculation, is the main thing driving up gold.
There's also fear that the U.S. dollar will dive.
"The dollar is much weaker but it stands a good chance of getting much weaker from where we are," said Richard Hastings of global hunter securities.
Thursday, President Obama fired up contributors about the recovery since he was sworn in
"the economy is growing again. Two and a half years later, we're creating jobs again," said President Obama.
But most Americans are not cheering.
39% in the New York Times/CBS poll say the economy's getting worse.
It's a 13-point jump in one month.
And currency speculators are selling dollars and buying gold, a sign of fear.
But gold goes up and down so much and so fast.
So far this year, stocks are beating gold as an investment.