Gold Reaches Record Price of $1,500

Glenn Beck was right! The price of an ounce of gold crossed the $1,500-per-ounce threshold for the first time ever on Wednesday. Silver prices were higher, too. It’s been a tumultuous few weeks: Portugal asked for a bailout, Standard and Poor’s downgraded its forecast for U.S. credit, and continued unrest in the Middle East has driven up gas prices. Gold and other precious metals are seen as a safer bet than other assets during economic turmoil.