Gold hit a new record

Gold prices increased significantly

In brief: Gold prices presented a new surprise, which was nice for the bulls and suicidal for most bears.

As a result of trading May 12 on the New York Mercantile Exchange, the July futures on gold prices increased by 1,6% (+ $ 19.5) to $ 1220.3 per ounce, which became the new historical maximum price for the precious metal. To date, gold little cheaper, but the price remains above $ 1200 per ounce.

The desire of investors to build up gold assets was due to continuing fears about the prospects for the global economy beyond against the backdrop of problems in the euro zone, despite unprecedented endorsement of a stabilization fund of $ 1 billion. Analysts believe that the proposed leaders of the euro-zone support package Greece and the creation of the stabilization background will not be able to quickly help the European economy. “I think that people do not believe in this aid package, since he has not yet been approved by the parliaments of the euro area …. Therefore, in respect of gold continue to persist “bullish” mood “, – said a trader from Hong Kong. “The debt crisis in Europe will not be easy to overcome” – Australian analysts Gavin Wendt of Mine Life Pty. According to him, pushing up gold “fear that the crisis is not resolved and credit problems spread to other EU countries such as Spain and Portugal, despite a sub-fucking lot of money.” “All we can do – is to put our money into real assets, because paper money worth less everywhere” – summed up in an interview with Bloomberg Television-known investor Jim Rogers, president of Rogers Holdings and former partner of George Soros. “I’m not going to sell gold ever” – he added.

Ukrainian Globalist
2010-05-12 08:16, Economics.

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