, IncGold Prices Surge Ahead, Smash Old Record
June 18, 2010 - Time, tide and gold prices wait for no man, and no economy, for that matter. As Friday morning dawned and trading commenced, the euro maintained its position, while the US dollar slipped a little. As the European economy limped on, gold prices broke last week’s record of $1,252 to touch $1,260 an ounce, bypassing the New York market’s opening prices. One might have thought that gold prices would plateau, considering investors’ not-unfavorable attitude towards risk in spite of what they feel about the existing eurozone debt crisis. The U.S. stock market has been up and down, but not off drastically this week.
The week gone by has seen gold prices reach record heights regardless of the position of the euro, the US dollar, equities, oil, Europe’s debt crisis and its impending effect on the global economy and just about everything that might have worried an investor.
As New York trading opened on a positive note this morning, gold rose by $12.20 an ounce, kicking off the day at $1,257, while silver added 30 cents, opening at $19.03. Other precious metals were not far behind with Palladium rising $1 to $481.00 and platinum steadying at $1,575.00.
Gold buyers can certainly enjoy the weekend, complacent about their investment, even as experts predict that gold prices will reach $1,271. In fact, the EW analysis at the end of the day is likely to refer to a target of $1,340, considering that the record $1,252.35 mark has been crossed so quickly.
There is no doubt that the gold market is surging towards an exceptionally exciting phase, as investors dump the euro and equities in favor of gold. Investment experts who would have once been a little skeptical about gold as a preferred investment are seriously recommending it today.
Stewart Lawson
Senior Staff Writer - GoldPrice.net
