Gold stays on upward trajectory as store of last resort

By Incorrect Author 3 December 2009

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

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