Gold's record rise sees tepid response

7 October 2009  Yahoo News

Gold received a lukewarm reception a day after racing to a record high, with consumers in Asia more likely to be cashing in than panic buying.

Profit taking -- read selling -- replaced gold purchases that in New York and across Europe on Tuesday had swept spot bullion through the March 2008 record to hit $1,043.45 an ounce.

"It is simple, buy low and sell high -- I am making a 10 percent profit already so I am selling," said Nguyen Duc Hung while waiting to sell five taels of gold at a shop on Hanoi's Ha Trung street. Hung said he bought the gold in early July.

To date, there have been no reports of gold hoarders burying stashes in secret spots as was the case in 1980, when gold zoomed above $800 an ounce for the first time, or about double today's level when adjusted for inflation.

Gold was last quoted at $1,042.20 an ounce, just shy of Tuesday's peak.

http://uk.biz.yahoo.com/07102009/325/gold-s-record-rise-sees-tepid-response.html