Gold Stabilizing now $1,467.60/oz

  on May 08 2013 3:37 PM
Gold Ingots
Gold Ingots. Reuters

Despite falling yesterday, gold once again soared, gaining $18.80 to $1,467.60 according to the New York Mercantile Exchange. The price of gold generally increases when the U..S. dollar decreases and this happened this morning as the U.S. dollar fell in value compared to other currencies such as the euro and pounds.

Physical gold is also selling like hotcakes in Asian countries such as India and China helping boost the overall price of gold. It looks as though gold is stabilizing exciting many investors who lost a fortune when the price of gold crashed nearly a month ago to less than $1,400 an ounce.

When it comes to stocks, both mining and ETFS, did well. None of the major companies posted a loss. Iamgold Corp. jumped up nearly 9.5% to $5.89 while Royal Gold holds steady at $54.58. When it comes to ETFS, Gold Miners ETF Market Vectors increased 3,15%.

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