An Auckland gold trader, which told a family last week it
would not pay them the more than $340,000 they were owed, has
been placed into liquidation and is formally being
investigated by the Serious Fraud Office.
Gold is back in vogue with investors, having retraced 10% in
value on the spot global market in the past month and
prompting forecasts it could go beyond $US2000 ($NZ2426) per
ounce this year.
Global spot gold prices plummeted almost $US170, or 8.8%,
during the past three days - from a record $US1911 ($NZ2299)
on Tuesday to a low yesterday of $US1742 - as emboldened
investors rushed to share markets to scoop up bargain stocks.
There is taking place today, largely out of public sight, a
keen debate on the future of currency which, if its
proponents win legislative support, will change the way most
people live.
Record gold prices reflect the volatility in global
sharemarkets during the past three days as investors react to
the almost $US1 trillion ($NZ1.39 trillion) bail-out package
for Europe.
