gold hits record as debt worries boost demand

There are some good opportunities here for Cluff to get the right information on the ASX.

Also, it would be great if they could update their outdated website. Cant they see it looks like the old Atari format.

Gold hits record as debt worries boost demand
London (SMH)**
April 6, 2011 - 7:41AM

Gold futures surged to a record of $US1458.60 an ounce as sovereign-debt concerns boosted demand for the precious metal as an alternative asset.

Silver prices topped $US39 an ounce.

The cost of insuring Portugal?s debt rose to an all-time high. The conflict in Libya and the nuclear crisis in Japan spurred demand for gold as an investment haven. The metal has jumped 28 per cent in the past year, and silver more than doubled.
Advertisement: Story continues below

??There?s still turmoil in the Middle East, uncertainty in Japan and possible sovereign-debt defaults,?? said Adam Klopfenstein, a senior strategist at Lind-Waldock, a broker in Chicago. ??There?s still demand for gold and silver as a hedge against chaos.??

Gold futures for June delivery rose $US19.50, or 1.4 per cent, to settle at $US1452.50 on the Comex in New York, the highest closing price ever. The metal extended its rally to a record after the end of regular trading.

Gold for immediate delivery rose as much as 1.6 per cent to an all-time high of $US1457.45.

US Federal Reserve Chairman Ben Bernanke yesterday said that inflation must be watched ??extremely closely,?? spurring bets that interest rates may be raised sooner than analysts expected. The European Central Bank has signalled it is ready to raise borrowing costs this week. Today, China raised rates for the fourth time since mid-October to restrain increasing consumer prices.