It’s December 1st, and between 11 am and noon eastern time, gold jumped to a new high passing $1200 per ounce.
Take a look at today’s New York spot market:
A Bloomberg article adds commentary as to why the sudden spike happened. They discuss the decline of the dollar, the rise of inflation, the problems in Dubai and the troubles with Iran as being some of the reasons behind the rise in not only gold but also silver and palladium.
But, as one analyst commented, “Gold is the international currency.” The article also stated that “gold traded in euros, pounds and Swiss francs climbed to all-time highs on Nov. 27.”
Read the full article here: Gold Tops $1,200 as Dollar Declines; Silver, Palladium Jump
Last week, a separate discussion talked about Bank of America’s claim that we are in stage two of a three stage climb for gold prices. They expect it to break $1500 in stage three.
This commentary can be found: Bank Of America On Gold’s Imminent Rise To $1,500
Most interesting times…..and the scramble to purchase the metals is not just an American phenomenon.