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Gold has been lingering around the $1,335 per ounce for the past several weeks. This prompted many hedge funds to sell their holdings.
Then came the turmoil in the Mideast. First Tunisia and Egypt, now Libya, Bahrain, Yemen and others. That was the catalyst that gold needed. It shot to a new record high of $1,432.10 in the spot market. April gold futures settled at $1,431.20 per ounce, as reported in Reuters.
Silver has also been strong in the past week. It hit a new 31 year high at $34.59 per ounce. Platinum, used in catalytic converters also rallied. It gained 1.8% to $1,837 per ounce. Platinum was spurred up from the report of higher auto sales.
Then we add Ben Bernanke. In his testimony before Congress, he showed no signs of backing away from his program of creating a $600 billion stimulus. This, in the face of increased inflation in commodities.
Needless to say, this was the perfect scenario for a new gold rally.
Then we add Ben Bernanke. In his testimony before Congress, he showed no signs of backing away from his program of creating a $600 billion stimulus. This, in the face of increased inflation in commodities.
Needless to say, this was the perfect scenario for a new gold rally.
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Reader Comments (Page 1 of 1)
3-02-2011 @ 12:30PM
william lindblad said...
1700 troy at years end. Silver is already at my 34 mark which I did not expect so soon. 1-1/2 ago I said that Silver would be the better bet. So far I have been right on in this area. 1200 - 1400 levels were called as peak and stall.