Gold Rallies to Record in Best Run Since 1980

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Gold Rallies to Record in Best Run Since 1980

Post by ToddS on Mon Jul 18, 2011 9:00 am

Gold Rallies to Record in Best Run Since 1980

bloomberg



Glenys Sim and Nicholas Larkin, On Monday July 18, 2011, 3:34 am EDT

Gold rose to a record above $1,600 an ounce as debt concerns in Europe and the U.S. boosted demand for the metal as a protection of wealth. Bullion in euros and pounds rose to all-time highs and silver topped $40 an ounce.

President Barack Obama is pressing congressional leaders for a multitrillion-dollar agreement in deficit-cutting talks as negotiators near an Aug. 2 deadline for raising the debt limit. A default would cause more panic than the collapse of Lehman Brothers Holdings Inc. in 2008, former Treasury Secretary Larry Summers told CNN in an interview broadcast yesterday. The euro fell versus the dollar after European Central Bank President Jean-Claude Trichet reiterated his opposition to any restructuring of Greek debt.

“The situation in the euro area, as well as the proliferation of the debt-ceiling problem in the U.S., continues to be a very strong focus,” said Ben Westmore, a minerals and energy economist at National Australia Bank Ltd.

Immediate-delivery gold gained as much as $6.55, or 0.4 percent, to $1,600.10 an ounce and traded at $1,596.88 by 8:26 a.m. in London. Prices are up for an 11th day, the longest streak of gains since July 1980. Gold for August delivery was 0.5 percent higher at $1,597.50 an ounce on the Comex in New York after reaching a record $1,601.

Silver for immediate delivery climbed as much as 1.9 percent to $40.055 an ounce, the highest level since May 4.

To contact the reporters on this story: Nicholas Larkin in London at [You must be registered and logged in to see this link.]; Glenys Sim in Singapore at [You must be registered and logged in to see this link.]

To contact the editor responsible for this story: Claudia Carpenter at [You must be registered and logged in to see this link.] NI PCMKTS

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