23
March
PRECIOUS METALS: Haven Buying Pushes Gold Futures To Record High
23 March 2011 Wall Street Journal
(Dow Jones)--Investors clamoring for safe places to put their money sent gold futures to a record high and silver to a fresh 31-year peak Wednesday.
The precious metals were shining in their roles as havens as euro-zone debt worries resurfaced, increasing the hand wringing among market participants already jittery about $106 oil, fighting in Libya and the nuclear crisis in Japan.
"The safe-haven mentality is growing," said George Gero, vice president with RBC Capital Markets Global Futures. "This is a global fear of inflation and upheaval."
The most-actively traded gold contract, for April delivery gained $10.40, or 0.7%, to settle at a record $1,438 a troy ounce on the Comex division of the New York Mercantile Exchange. Thinly traded March gold also rose $10.40, to $1,437.90, a front-month record settlement.
"It would be hard to imagine a more bullish scenario for gold and silver given the real macroeconomic and geopolitical uncertainty and risk in the world today," a note from Dublin-based bullion dealer GoldCore said.
