Investors worried about the global economic recovery pushed gold prices to fresh highs on Friday, marking the third time in a week the shiny metal set a new record. Silver also climbed to its highest price in thirty years.
Spot gold climbed above $1,282 an ounce in New York and London as a weakening dollar spurred demand from investors for wealth protection, while silver rose to $21.44 an ounce, its highest level since 1980.
Bullion, which usually moves inversely to the dollar, posted its biggest weekly gain since May as the greenback touched a five-week low against the euro.
Holdings in gold- backed exchange-traded products (ETP) reached a record this month as investors sought protection from financial turmoil and the prospect of slowing economic growth.
Peter D. Schiff
Article Index
Investors Flock to Gold and Silver on Recovery Worries
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Is the U.S. Bailout Perpetuating the Credit Bubble?
By Peter D. SchiffGuest ColumnistMoney Morning Money Map Report In a speech before the London School of Economics a week ago, U.S. Federal Reserve Chairman Ben S. Bernanke offered a perverse economic theory in his quest to gather support for never-ending Wall Street bailouts. Said Bernanke: "This disparate treatment, unappealing as it is, appears unavoidable. […]