The recent financial turmoil is threatening to bring the banking sector into freefall and massive multi-national corporations are being brought to their knees. Investors and savers have fled the Stock market in droves. High gold price today and traditional safe havens such as silver and gold are their preferred investments. The gold price today has risen to a nine-year high, and silver is now at its best since 1979.

People worry about the safety of their money as they no longer view the bank’s futures as a guarantee. Financial products are not worth the paper they are written upon. However, this is not a new phenomenon. Similar events took place in the 1930s. The difference this time is the degree of sophistication in financial markets and the vast array of financial products that millions invest in. The average street man is now much more dependent upon the banking system than he used to be in the 30’s. Most of us have investments, pensions, or mortgages that are dependent on long term financial security.

Like oil, gold prices today are affected both by supply and demand. The price of gold is rising as investors flock to it. Central banks and mining firms are holding back sales which, in turn, has made the price rise even more. You can get an idea of the current rises by looking at Gold for immediate delivery, which jumped $84.67 or 11 percent to $864.42 yesterday. Expect gold prices to climb even higher this year with $1000 per troy ounce.