Spot Gold Price
The current Spot Gold Price at the close in NY on January 26, 2010 was $1096.00. This price has been maintained for a week now with great anticipation on whether the US congress will give the current Fed Chairman, Ben Bernanke a second term or not.
This man was appointed by then President Bush and has the backing of the current President Obama, but that may not be enough. Many rightfully blame this man in part for the financial recession the world is in and for so easily bailing out all of the mega financial institutions that caused the disaster. His monetary policy of ultra low interest rates even though the banks have refused to loosen up lending have only hurt the consumers in America.
The low interest rates are not only on loans, but also on savings accounts. What has hurt the elderly the most is the below interest rates on the only low risk investment the elderly can count on, certificates of deposit.
The current gold prices are not the only market that is waiting to see what happens. The Dow last 217 points on Friday the 22, when a number of democrats in congress voiced their opposition to his reconfirmation. Senator Barbara Boxer, a democrat from California, was quoted saying, “It’s time for a change”.
With Mr. Bernanke’s current term ending on Sunday January 31, 2010, the world will be holding its breath to see what the fall out will bring on this crucial decision. The spot price of gold will surely change, but which way it will go is up to what the US congress decides. Either continue to follow a failed policy or go a different path to recover.