Gold Hits Record High and Follows Hype Trajectory Straight to Nightline

It’s called “The Great Gold Rush of 2010,” according to a recent Nightline episode featured below. With global demand already high, and many institutional and individual investors still in search of a replacement for paper currency in the face of economic uncertainty, the price of gold has been continually ticking upwards. From $270 an ounce back in 2000 to about $1,270 in 2010, the precious metal of “beauty, scarcity, and solidity,” has provided safe harbor for several millennia of anxious investors.

If that’s not enough to take a gander, there’s a great clip of the gold dispensing machine in Abu Dhabi. All of which begs the question… is it a wild and misguided frenzy for frothy gold as Ben Stein suggests? Or, is it really different this time, given a much more devastating economic downturn in the making?

You can decide for yourself by viewing the Nightline video below which came to our attention from a post on the modern gold rush at The Big Picture blog.

The Daily Reckoning