Wednesday, Nov 25th, 2009
Gold prices soared to a record above 1,180 dollars here on Wednesday on the back of weak greenback, which makes the precious metal cheaper for buyers using stronger currencies, traders said.
Gold hit 1,180.20 dollars an ounce shortly after 0700 GMT in trading on the London Bullion Market, after striking a series of historic peaks in recent days and weeks.
“If the dollar goes down then the price of gold will automatically rise,” said BGC Partners analyst Howard Wheeldon.
“Moreover, if the dollar is perceived by bullion markets as likely to continue falling then one can assume that the price of gold will rise in proportion,” he added.
“When the people find they can vote themselves money, that will herald the end of the republic.” – Fall Of The Republic – Buy the DVD here
This article was posted: Wednesday, November 25, 2009 at 5:09 am