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Gold Hits New Record!


"...a mix of inflation and safe-haven buying."

The unrest in the Middle East just pushed gold to a record high:

(via CNBC)

From Bloomberg News:

Gold climbed to a record in London and New York as escalating violence in Libya and concern inflation will accelerate boosted demand for the metal as an alternative asset. Silver rose to a 31-year high. [...]

“We have a mix of inflation fears and safe-haven buying,” Peter Fertig, owner of Quantitative Commodity Research Ltd. in Hainburg, Germany, said today by phone. “As long as the political unrest in the Middle East and North Africa region continues and oil prices stay at elevated levels,” gold will be supported, he said.

Immediate-delivery bullion rose as much as $12.05, or 0.8 percent, to $1,442.95 an ounce and traded at $1,440.93 at 11:42 a.m. in London. Prices beat the previous high of $1,440.32 set March 2 and gained the past five weeks, the longest winning streak since October. Gold for April delivery was 0.9 percent higher at $1,441 an ounce on the Comex in New York after reaching an all-time high of $1,443.30.

(H/T: Business Insider)

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