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The flight to safety is still on. Spot gold in London traded at $1,251.20 per ounce, setting a new all time high.
One analyst, Edel Tully of UBS in London, said: "A number of external variables indicated that all is not well in financial markets and gold is benefiting as a result."
Another analyst, James Steel of HSBC, in New York stated: "The fact is sovereign risk is elevated."
Investors are always evaluating the landscape to determine where they should put their money. With all of the uncertainty in the banking sector, they are moving into gold. In Europe in particular, exchange traded funds increased their holdings to more than 40 million ounces. This has the effect of establishing a cushion under the market.
The spot "gold fix" in London reached an all-time high of $1030.80 per ounce. On the futures market, gold traded above $900.00 per ounce. Traders expect the price to consolidate at these levels and move a bit higher.
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