Gold rush

first_img More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKansas coach fired for using N-word toward Black playerthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Share Tuesday 26 April 2011 12:03 am KCS-content Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoSenior Living | Search AdsNew Senior Apartments Coming Nearby Scottsdale (Take a Look at The Prices)Senior Living | Search AdsUndoFlight 10Secret Car Features Most Don’t Realize Their Car Is HidingFlight 10UndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndo ■ Gold touches a fresh high of $1,518.6 per troy ounce ■ Prices for silver and diamonds also near record highs THE PRICE of gold surged to yet another all-time high yesterday as growing fears over a weaker dollar sent investors scrambling for the safest asset class of all. Gold hit an unprecedented $1,518.6 per troy ounce in morning trading yesterday. It eventually fell back to $1,507, although some traders predict it will hit $1,600 by the end of the year. Silver also surged, with spot prices reaching $49.82 an ounce – close to the all-time high of $50.35 recorded in January 1980. It eventually fell back to $47.09.The greenback has come under heavy selling pressure ahead of this week’s Federal Open Market Committee, with markets expecting chairman Ben Bernanke to reiterate his commitment to easy money. Long-standing gold bug Jim Grant, the founder and editor of Grant’s Interest Rate Observer, said he was expecting a third round of quantitative easing in the US, which would propel gold to new highs. The greenback also slid against commodity currencies, diving to a 29-year low of A$0.9291 versus the Australian dollar and a three-year low of C$0.9503 versus the Canadian loonie.Analysts blamed the buck’s unpopularity on the Federal Reserve’s ongoing inflationary monetary policy, anxieties about US government debt and suggestions that China is moving to limit its exposure to the greenback.BNP Paribas’ Ray Attrill said “it’s a weak dollar story”. “We don’t see any imminent reversal unless Mr Bernanke has got a rabbit to pull out the hat,” he added, referring to the Fed’s interest rate-setting decision.Economists say that sky-high precious metals prices are here to stay as desperate investors rush towards perceived “safe havens” to escape the damaging effects of inflation.The market has also been influenced by fears that China is planning several new investment funds to diversify its $3 trillion foreign reserves holdings, much of which is in dollars. Diamonds are also reckoned to have reached record highs on the back of slowing production and increased demand from China and India, while WTI crude oil rose to over $113 a barrel due to ongoing fears about political turmoil in the Middle East. center_img Gold rush whatsapp Show Comments ▼ Tags: NULL whatsapplast_img

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