Follow up to my previous post The demise of the dollar
The news has already taken affect. I would also like to mention that gold is conveniently increasing for The World Bank as they are selling off some of their gold reserves
Gold hit a record high of $1,035.95 an ounce in Europe on Tuesday, with buying fueled by dollar weakness.
Spot gold [US@GC.1 1035.7
17.90 (+1.76%)] was bid at $1,034.75 an ounce at against $1,016.65 late in New York on Monday.
“We’ll see further highs over the next 3-6 months. I think people are prepared to be short of dollar and long of other currencies including gold,” said Michael Jansen, analyst at JP Morgan.
U.S. gold futures climbed to an all-time high on the back of a weakened dollar, surpassing the previous record set in March 2008.
Most-active December gold contract was up $15.40 at $1,033.20 an ounce at 9:02 am New York time on the COMEX division of the New York Mercantile Exchange. Its high of $1,035 bested the previous record of $1,033.90 for COMEX gold on a second-month continuation basis.
Gold just hit $1037.60 – 01:34am 07/10/09
Gold just broke $1040 – 01:47am 07/10/09