Reporting the Facts, So Long as they Aren’t Inconvenient or Difficult for Us to Explain to You Unwashed Masses
Oooooh, it must be time to panic:
The price of gold rose above 500 dollars an ounce for the first time for 18 years, propelled by strong buying from investment funds.
Gold hit 502.30 US dollars in overnight Asian trade before staging a retreat during European trading hours. The price was the highest since December 14, 1987 when it had touched 502.97 dollars.
Well, not really. Adjusted for inflation, gold today would have to cost over $830 an ounce, in order to match 1987 prices.
But remember: Just because the story is fake, doesn’t mean it isn’t accurate. A 60% difference is practically a rounding error to most people, right?