Gold Soars to Record High Breaking $1,262

Gold reached a new record high today on the New York Spot Market. Investors are flocking to the yellow metal as a safe-haven amid continuing concerns over the sovereign risk in Europe, historically low interest rates, and concern over the stability of paper currencies. The metal's "unique property as the ultimate safe-haven currency is making gold an attractive investment," said Bayram Dincer, a commodity analyst at LGT Capital Management in Pfaeffikon, Switzerland. "Gold's recent price move is a function of euro-zone debt worries. Investors are looking to substitute assets and currencies with gold."

 According to the Street.com "some analysts think that if gold can hold up and continue to settle higher during the summer that a violent move higher will follow".  Scott Redler, chief strategic officer for T3Live.com states, "That's when you're going to see the shorts throw in the towel...and that's when we'll get that $1,400, $1,500, $1,600 an ounce."*

*(TheStreet.com, "Gold Prices Top Record, Breaks $1,260" 6/18/10; Bloomberg Business Week, "Gold Rises to a Record in London, New York on European Concern", 6/18/10)

This was compiled from many sources today. Please look for my future posts explaining why the price of gold is so important!

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