Gold Price India
With $1227 being the new record high for gold price, India is joining in on the profit potential of this bull market. While all the other markets in the world keep fluctuating, the only market that has continued to rise is the gold market.
For an American, the price of gold in dollars is the usually way of judging the market. When looking at the market in Rupee of India at 56117.66, it is astounding until I remembered the currency. But it makes an investor remember that with the current economic recession being global, nothing is restricted to just one country anymore. The interconnection of the different world economies is here to stay.
The news interviews with the leader of Dubai tried to distance themselves from the problems of their own financial misjudgments by claiming it is not their government but private companies asking for restructuring. It is true that companies around the world restructure their debt, but those companies are not in part owned by a royal family that has splurged for decades.
By Dubai not backing the debts of the companies their officials own, shows only their further lack of respect and honor. They enticed investors from around the world to invest in their nation with the promise of not only profits but the backing of a government and its resources in oil to bail it out if any problems arose. Now, the country that built a snow ski resort in the desert and made an artificial island in the shape of a palm tree that is overlooked by a series of empty skyscrapers, is saying “it’s not our problem and this is a normal business practice.”
I guess it’s just a coincidence that a few days after companies that the officials of Dubai own made public that they need to restructure their debt because they cannot pay back their loans to foreign banks, that the current gold prices hit an all time high from investors looking for a safe haven for their money.
This is what happens to the gold price. India, America, and around the world investors know when greedy individuals decide to manipulate the markets for a profit, gold is the only safe haven for investment.