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Gold Is On Fire, As Market Sneers At Euro Bailout

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Business Insider
Tuesday, May 11, 2010

Along with the overall market malaise, the other big warning sign right now is the gold surge. The metal is now nearly $1220/oz. As Stacy Herbert puts it: The gold vigilantes are in a shootout with the ECB and the Fed.

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Gold hits five-month high on euro zone debt concerns

Reuters
Tuesday, May 11, 2010

Gold hit five-month highs on Tuesday to within $10 of its December record peak as risk aversion returned on doubts over smaller euro zone countries’ ability to cut their deficits despite a $1 trillion aid package.

The measures, unveiled on Monday, sparked a relief rally in assets seen as higher risk, such as the euro, stocks and industrial commodities. Gold slipped, but has recovered as the rally in other assets lost steam.

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Spot gold hit a peak of $1,217.20 an ounce, its highest since early December, and was bid at $1,216.76 an ounce at 1107 GMT (7:07 a.m. EDT), against $1,201.90 late in New York on Monday.

“The euphoria we saw yesterday has almost ended. Gold has remained well supported on safe-haven demand, and we think it will drive further from here,” said Commerzbank analyst Daniel Briesemann.

Full story here.

This article was posted: Tuesday, May 11, 2010 at 5:58 am





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