Gold has struck yet another record high as the dollar continues to weaken, but the Obama administration has said it won’t intervene. Early trading in London saw gold rocket to $1,217.23 an ounce, after it hit a number of record highs in recent weeks. Silver also rose to within 5% of its all-time peak. With the dollar weak, investors want safe assets. The price of gold also hit records in yen, euro and sterling trade. Other factors have played a part. Dubai’s call for an extension on $60 billion of debt has reignited fears about bank lending. And gold has fairly recently again become the primary store of value after decades of bottom-feeding, with central banks in China, Russia and India having bought the metal to protect themselves against economic uncertainty. Read more: BBC, Daily Mail, BBC
While we have your attention...
An increasingly rare commodity, quality independent journalism costs money - though not nearly as much as its absence.
Every article, every day, is our contribution to Defending Truth in South Africa. If you would like to join us on this mission, you could do much worse than support Daily Maverick's quest by becoming a Maverick Insider.
Click here to become a Maverick Insider and get a closer look at the Truth.
Adolf Hitler was the first European leader to ban human zoos.