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Gold Hits Record $1,109 per ounce

Gold Hits Record $1,109 per ounce

Reuters
November 9, 2009

Gold hit a record high above $1,100 an ounce in Europe on Monday as the dollar slid on expectations U.S. interest rates will remain low, boosting interest in the precious metal as an alternative asset.

Spot gold reached a peak of $1,108.55 an ounce, and was bid at $1,106.55 an ounce at 9:37 p.m. British time, against $1,096.30 late in New York on Friday.

The precious metal extended last week’s near 5 percent gains, when fund buying took it to a series of record highs in the wake of India’s central bank buying 200 tonnes of gold from the International Montary Fund and the dollar weakening further. “Gold is unstoppable,” said Michael Kempinski, a senior trader with Commerzbank. “The forex market helps, and technically it seems pretty good. And as we know, funds like to take more in on the highs to push (prices) further.”

U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange rose $13.10 to $1,108.80 an ounce.

The dollar weakened broadly on Monday after a G20 meeting and U.S. jobs data did little to alter the view that U.S. interest rates will stay low for the foreseeable future, offering little incentive to buy the currency.

Weakness in the U.S. unit tends to benefit all dollar-priced assets, as it makes them cheaper for other currency holders.

Other precious metals such as silver holds firm above $17 per ounce.

Read Full Article Here

 

Mark Dice Tries To Sell 1 Ounce Gold Coin For $50 Bucks; No Takers

http://www.youtube.com/watch?v=Gk5aRIz17fk

 

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