Gold passes the £1,000 barrier

18-Jul-2011 July 18th 2011 - today is the day that all gold bugs can crack open a bottle of champagne - or two.

It's official, an ounce of gold now costs over £1,000.

I have absolutely no doubt it will dip back into three figures for a short time but the new bench mark has been set and the gold price won't stop there. No sir, not by any means. Whilst paper money continues to be printed as if it were, well, just paper, who can blame savers for looking to put their money in something that actually has some value these days?

To many the spot price is academic. If you have been adding to your gold collection these last few months you will have been paying well over £1,000 an ounce anyway as a result of the dealers' premium - but please, do not let me rain on the parade.

This marks a very special day indeed.

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