Gold Wave!

November 7, 2007

Gold soared higher on Wednesday on a tumbling dollar and record-high oil, with gold trading near its all-time peak, platinum setting a record and silver touching its highest level in 27 years. Buying also was spurred by uncertainty in the U.S. credit market and expectations the Federal Reserve will cut interest rates further. “There is a flood of money coming into gold at the moment. You can’t really stand in the way. There are hundreds of things that are supporting the market,” Jeremy East, global head of metals trading at Standard Chartered Bank, said.

It’s a one-way street at the moment and everything is working in gold’s favor- strong oil prices, a weaker dollar, subprime issues and a rush into safe-haven.

Written by Ernie · Filed Under Gold News