Wednesday, April 19, 2006

Gold at 25 Year HIGH

Bloomberg.com: Canada: "Gold Reaches 25-Year High, Silver Surges on Inflation Concern

April 19 (Bloomberg) -- Gold rose to a 25-year high and silver topped $14 an ounce for the first time since 1983 as investors snapped up precious metals to hedge against inflation.

Gold is up 46 percent from a year ago and silver almost doubled as oil costs reached record highs. The Goldman Sachs Commodity Index jumped 10 percent since April 7 to a record, and the Labor Department today said prices paid by U.S. consumers rose more than expected in March. Investors are increasing their holdings of precious metals to preserve purchasing power.

``There is a lot of money on the sidelines that was waiting to get in, but the market never gave them a break'' because prices kept rising, said Frank McGhee, head metals trader at Integrated Brokerage Services LLC in Chicago. ``Now they're buying, and that feeds this kind of rally.''
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1 comment:

sdfsbo said...

First they said gold would not go over $500! Than they said it would never reach $600!

I say $1,000 by year end!

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