- Prison Planet.com - http://www.prisonplanet.com -

Gold Advances to Record in London on Demand for a Dollar Hedge

Posted By admin On December 2, 2009 @ 5:52 am In Money Watch | Comments Disabled

Nicholas Larkin and Kim Kyoungwha
Bloomberg [1]
Wednesday, Dec 2nd, 2009

Gold surged to a record for a second day in London and New York as investors stepped up purchases to protect their wealth against a slumping dollar. Other precious metals climbed.

Bullion has risen 38 percent this year as the dollar has dropped 8.4 percent against a basket of six currencies. Central banks, pension funds and individuals have bought gold as a hedge against potential currency debasement and inflation. The precious metal is climbing “like there is no tomorrow,” David Thurtell, an analyst at Citigroup Inc., wrote in a report.

“Pressure remains on the dollar,” said Peter Fertig, the owner of Quantitative Commodity Research Ltd. in Hainburg, Germany. “A weaker dollar is the main driver for gold, alongside speculation that central banks may buy more.”

Gold for immediate delivery gained as much as $20.63, or 1.7 percent, to $1,217.23 an ounce and traded at $1,214.70 by 9:54 a.m. in London. Bullion futures for February delivery on the New York Mercantile Exchange’s Comex unit were 1.3 percent higher at $1,215.50 an ounce after earlier reaching $1,218.40.

Full article here [1]

“When the people find they can vote themselves money, that will herald the end of the republic.”Fall Of The RepublicBuy the DVD here [2]

Gold Advances to Record in London on Demand for a Dollar Hedge  FOTR 340x1692 [2] 

Article printed from Prison Planet.com: http://www.prisonplanet.com

URL to article: http://www.prisonplanet.com/gold-advances-to-record-in-london-on-demand-for-a-dollar-hedge.html

URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/apps/news?pid=20601081&sid=a6Ad2JhedubE

[2] Buy the DVD here: http://infowars-shop.stores.yahoo.net/faofreprofba.html

[3] Gold Climbs to Record as Dollar, Inflation Outlook Spur Demand: http://www.prisonplanet.com/gold-hits-record-high-close-to-1064.html

[4] Gold Jumps to Record as Inflation Outlook Fuels Investor Demand: http://www.prisonplanet.com/gold-jumps-to-record-as-inflation-outlook-fuels-investor-demand.html

[5] Gold Advances in London as Dollar Drops, Crude Oil Strengthens: http://www.prisonplanet.com/gold-advances-in-london-as-dollar-drops-crude-oil-strengthens.html

[6] Gold May Advance Toward $1,000 as Weakening Dollar Spurs Demand: http://www.prisonplanet.com/gold-may-advance-toward-1000-as-weakening-dollar-spurs-demand.html

[7] Gold Fluctuates in London After Advancing to a Record; Silver Reaches $22: http://www.prisonplanet.com/gold-fluctuates-in-london-after-advancing-to-a-record-silver-reaches-22.html

Copyright © 2013 PrisonPlanet.com. All rights reserved.