Gold futures on the COMEX Division of the New York Merc set a new all time high Monday as the US$ slid to a 15 month low. Silver and Platinum followed North. The most active Gold contract for December delivery climbed US$5.70, or 0.5 percent, to finish at 1,101.40 oz. The yellow metal ran to a record high of US$1,111.70 oz earlier in the session. The US Dollar, perhaps the most important factor affecting Gold, moved sharply South after the news over the weekend that the G-20 countries will keep stimuli in place. This encouraged investors to buy high risk currencies. The dollar index, which measures the “Greenback” against a basket of foreign currencies, fell more than 1% to its lowest level of 75.025 since last August, fueling Gold’s appeal of hedge. Rising stock and energy markets provided additional support to the precious metal. The DJIA rose to new highs for the year while Crude Oil for December delivery rose about US$2.00 bbl on the New York Merc. December Silver was up 10.5 cents to US$17.48 oz and January Platinum gained US$19 to US$1,367.20 oz.
-Paul A. Ebeling, Jnr. www.livetradingnews.com
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