gold price, page-2

New record high for gold in the USD. Also rising strongly in the AUD. NST and other goldies to benefit. Especially producers! :D See below.

New record high for gold, Dow off 19
Tuesday, December 07, 2010 by Proactive Investors

"Gold was the standout on Monday as spot gold rose $10.70 to $1,425.20, largely on comments by Federal Reserve chairman Ben Bernanke that the Fed would consider expanding its quantitative easing program.

On Sunday night, Ben Bernanke said the Fed may buy more than the $600 billion in U.S. government bonds it has committed to purchase, if the economy failed to respond.

As this would be seeen to fuel inflation sentiment, this news, coupled with ongoing uncertainty about the euro-zone's ability to contain its debt crisis, helped gold finish in positive territory.

Gold is often viewed as a store of value and an inflation hedge, as well as an alternative currency.

Silver prices followed gold's rally to set a fresh 30-year high Monday. Although on inflation adjusted terms, the silver price is nowhere near the highs set in the 1980's.

March-delivery silver, the most actively traded contract, settled at a fresh 30-year high of $29.705 per troy ounce on the Comex division of the New York Mercantile Exchange. The contract also set an intraday high of $30.055 per ounce.

U.S. stocks, on the other hand, were dipping slightly lower at the close on Monday. the Dow was off 19 points to 11,362.19 while the S&P 500 was off 1.59 points to 1,223.12 points.

Stocks cut their losses and turned mixed Monday after President Barack Obama said he was willing to compromise with Republicans on extending Bush-era tax cuts.

Copper up and up

Copper rose to its highest level in three weeks on Monday, as talk of further monetary easing in the United States and growing perceptions of an undersupplied physical market underscored the metal's tightening fundamental balance.

Copper has risen for six straight sessions, moving ever closer to recent peaks near $9,000 per tonne in London and above $4.08 per lb in New York, as the prospect of a hefty production deficit in 2011 continued to bolster the industrial metal's demand-driven appeal."





http://www.proactiveinvestors.com.au/companies/news/12347/new-record-high-for-gold-dow-off-19-12347.html