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Gold Trades Close To All Time Record, Silver Hits 30 Year High

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Gold Trades Close To All Time Record, Silver Hits 30 Year High 051010goldBernanke’s endless talk of more dollar printing sets precious metals soaring

Steve Watson
Prisonplanet.com
Monday, Dec 6th, 2010

Gold prices rose close to all time highs on Monday following Ben Bernanke’s comments on CBS’s “60 Minutes” Sunday, as the Fed chairman indicated that even more quantitative easing is being considered.

Bernanke appeared less than convincing as he told viewers that the economic recovery may not be self-sustaining, and that the Fed may purchase even more Treasury bonds.

The comments, coupled with the fact that unemployment in the US is now officially at its worst levels since World War Two, a fact that has been long known but never admitted, were driving factors in sending gold and silver soaring once more.

Investors are still seeking a safe haven in the precious metals, driving gold futures for February delivery up $10.50, or 0.8 percent, to $1,416.70 at 10:22 a.m. on the Comex in New York.

Earlier in the day the price climbed as high as $1,420.

Gold has now risen in value approximately 29 percent this year and will make a tenth consecutive annual gain.

  • A d v e r t i s e m e n t

“Further currency debasement is the new norm,” said Matt Zeman, a metals trader at LaSalle Futures Group in Chicago told Bloomberg News.

“As long as that stands, investors are going to buy metals as a hedge against paper money. Gold has very clear sailing to go much further from here.”

Zeman also pointed out that gold would now be even higher if investors were not also buying dollars as a safer bet against the Euro.

“Without the eurozone troubles in the background, we’d see the dollar much weaker and gold much higher,” Zeman said. “These debt issues continue to pop up, and printing more money is essentially a huge positive for gold.”

“Gold is supported either way — risk sentiment turning sour, or (by) further weakness in the greenback,” added VTB Capital analyst Andrey Kryuchenkov. “Clearly investment demand is still there.”

Fears over the spread of the European debt crisis were also heightened today with news that Moody’s downgraded Hungary’s debt to the lowest investment grade.

Zeman predicts that gold will hit $1500 before the end of the month.

Meanwhile, spot silver traded at a 30 year high, gaining almost 2 per cent to $29.90 a troy ounce, the highest price since 1980.

The precious metal has gained 10 per cent in the past week, and 66 per cent since August.

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Steve Watson is the London based writer and editor at Alex Jones’ Infowars.net, and regular contributor to Prisonplanet.com. He has a Masters Degree in International Relations from the School of Politics at The University of Nottingham in England.

This article was posted: Monday, December 6, 2010 at 11:25 am





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