Last night at the Oscars John Stewart said "Oscar is 80 this year, which makes him now automatically the front-runner for the Republican (presidential) nomination." However, I’m not sure he would have made his little dig if he had known what Environmental Graffiti had to say...
Image by Buschap
“Oscars” or as we refer to them - the little gold statuettes that actors get if they are good - have suddenly become more valuable and desirable since Thursday.
No this isn’t due to the writers’ strike or the fact that our celebrity obsessed society has propelled their value, but because according to the Financial Times of London, gold hit the record price of $953.60 a troy ounce last week. The price of each gilded Oscar to be presented by the Academy of Motion Picture Arts and Sciences tomorrow night has jumped to a record $500 (U.S.) from $400 last year - this is of course, negating the fact that each one is actually priceless. Now of course, I’ll know where to take my Oscar.
The price of Gold has already risen 14.1% this year, as fears of stagflation (that’s financial geek-speak for stagnation and inflation) have sparked a surge in investment in the base metal.
“The fight against inflation is being sacrificed in G7 countries to avert the risk of recession and investors are likely to seek gold as an inflation hedge,” said Mandy La Grange of Nomura, who forecasts gold to average $1,000 this year.
Suddenly, the film which incidentally didn’t win the Oscar for best picture “There Will be Blood” resonates in my mind. I can certainly draw a few tenuous parallels between this macabre film about the oil trade at the turn of the 20th Century, and the investors’ scramble for gold. Is there another price of gold?
*Update* Although this article was intended to be taken literally, Forbes.com reported the literal worth of Oscar is:
Exactly one dollar, according to the Academy of Motion Picture Arts and Sciences, which hosts the annual awards show. Since 1950, the Academy has required Oscar winners to sign an agreement stipulating that neither they -- nor their heirs -- will sell their statuettes without first offering to sell them back to the Academy for a buck. Refuse to sign, and the Academy keeps the statuette. "They're not tchotchkes to be bought off of a shelf," sniffs an Academy spokesman.