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Gold strikes new record high on US default fears

Posted By admin On July 27, 2011 @ 3:19 am In Money Watch,Tile | Comments Disabled

AFP [1]
July 27, 2011

Gold forged a record high above $1,625 per ounce here on Wednesday, as investors parked their cash in the precious metal in the face of heightened concerns over a potential US default.

The price of gold struck $1,625.70 an ounce at about 0600 GMT on the London Bullion Market, beating the previous record of $1,624.07 that was hit on Monday.

“The threat of default by the world largest economy has led gold to a fresh peak above $1,625 this morning,” said FastMarkets analyst James Moore.

“The metal looks set to extend towards $1,650 in the coming sessions as investors seek to diversify into more tangible assets as confidence in paper assets, even government-backed, dwindles.”

Full article here [1]

Gold strikes new record high on US default fears  150709banner2 [2]


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[1] AFP: http://213.158.162.45/~egyptian/index.php?action=news&id=20022&title=Gold%20strikes%20new%20record%20high%20on%20US%20default%20fears

[2] Image: http://www.prisonplanet.tv/

[3] Inflation Fears May Drive Gold to Record High: http://www.prisonplanet.com/inflation-fears-may-drive-gold-to-record-high.html

[4] Gold rockets to record high above 1,150 dollars: http://www.prisonplanet.com/gold-rockets-to-record-high-above-1150-dollars.html

[5] Gold retreats from record high above $1,900/oz: http://www.prisonplanet.com/gold-retreats-from-record-high-above-1900oz.html

[6] Gold Hits Record High Above $1320: http://www.prisonplanet.com/gold-hits-record-high-above-1320.html

[7] Gold Hits Record High as Global Economic Uncertainty Continues: http://www.prisonplanet.com/gold-hits-record-high-as-global-economic-uncertainty-continues.html

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