Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

Gold Is Likely to Continue Its Climb; Hits Record Near $1120

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

MATT WHITTAKER And KELLY NOLAN
Wall Street Journal
Wednesday, November 11, 2009

Gold likely will continue to build on its string of record prices as speculative buying shows no signs of abating, preventing any break in prices in the near term, some analysts said.

The expectations of higher prices, sustained dollar weakness and the fear of inflation because of government economic-stimulus measures have lured speculators. This dollar-driven speculative investment has been the main thrust behind gold’s price rise, outweighing slow jewelry demand and easily absorbing scrap gold sales and metal sold by miners.

Most-active December gold notched a record of $1,118.60 a troy ounce in intraday trading on the Comex division of the New York Mercantile Exchange on Tuesday, driven by fresh ideas that U.S. interest rates will remain low and keep the dollar depressed. In midday trading Wednesday, gold was up 1% to $1,113.20. For November, December gold has risen about 7% and is up about 25% on the year. The Dollar Index, a trade-weighted basket of six currencies, was at 74.853 from 75.052 on Tuesday.

(ARTICLE CONTINUES BELOW)

Gold Is Likely to Continue Its Climb; Hits Record Near $1120 FOTR 340x1692

Late Tuesday, Federal Reserve Bank of Dallas President Richard Fisher said there are risks to keeping U.S. interest rates low for an “extended period” and acknowledged the weight that has on the dollar, but said because inflation likely is to stay low it isn’t a concern.

With the dollar likely to stay down, gold will remain attractive as an alternative currency.

  • A d v e r t i s e m e n t

“Until the dollar puts in a convincing rebound, then the onus is to the upside in gold,” said Jim Steel, senior vice president and metals analyst with HSBC.

Full story here.

This article was posted: Wednesday, November 11, 2009 at 10:54 am





Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

FEATURED VIDEOS
DHS Blocked Possible Ebola Cure See the rest on the Alex Jones YouTube channel.

Mexican President Invites More Illegals To U.S. See the rest on the Alex Jones YouTube channel.

© 2013 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.