The long awaited – and predicted – push by the price of gold through the US$1000 an ounce barrier has occurred.
There is jubilation in the hearts of the gold bugs of the world, those faithful who attend conferences year-after-year to hear the word from on high: gold is the only asset to hold.
That the wait between gold’s previous record high in 1980 at US$850 an ounce to the March 13 break through was 27 years is being ignored.
The gold mining industry, especially in Canada, has reason to be happy but there is a need to look past the event and to ask why it happened.