The price of gold hit a record $1,139 per ounce Monday, and analysts said a run on the precious metal might not be over. To find a ceiling for gold, one has to look at the adjustment for inflation. On Jan. 21, 1980, gold hit a record $825.50 per ounce. Adjusting for inflation, that equals $2,163.62 an ounce today. The price increase is because investors "are becoming increasingly uncomfortable with [Federal Reserve] policies and all the liquidity sloshing around in the global economy," said Joe Foster, portfolio manager for the Van Eck Global International Investors Gold Fund.
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