Gold Jumps Again

February 20, 2008

The last two days has seen an incredible jump in the price of gold (and silver). After walking around in a $900-$920 trading range, gold brok out Tuesday with a $20 bump. Today gold opend down $11 and then the consumer price index came out- HIGHER! Gold loves INFLATION! Even while the US$ was much higher on the day too.

Gold futures surged nearly 1% Wednesday, reversing early losses, as the metal’s appeal as an inflation hedge and a safe haven continued to draw investment demand. Gold for April delivery gained $8.30 to $937.80 an ounce on the New York Mercantile Exchange. That’s $28 in two days.

“Gold is now extremely well-placed to set a fresh record high as investors continue to seek the metal’s anti-inflationary and safe-haven attributes,” said James Moore, an analyst at TheBullionDesk.com, in a note.

So, for the last thirty days gold is up $78 or 9%(in one month!)

And for the last 365 days, gold is up a whopping $284! How’s your investments doing?

Written by Ernie · Filed Under Gold News