Gold futures at five-month high

May 6th, 2010 / Wall Street Journal

NEW YORK (Dow Jones)--Gold futures settled at a five-month high and then breached the psychologically important $1,200-an-ounce mark in after-hours trading Thursday as investors sought refuge in the perceived safety of the metal while European sovereign debt fears intensified.

Most active gold, for June delivery, rose $22.30, or 1.9%, to settle at $1,197.30 an ounce on the Comex division of the New York Mercantile Exchange. In electronic trading after the floor close, it hit $1,201.70, its strongest price since early December.

"The market's been attracting very solid flight-to-safety alternative asset demand," said Bill O'Neill, a principal with LOGIC Advisors.

The higher gold price is notable because it comes despite the continued rally in the U.S. dollar. Normally, a higher buck pressures the dollar-denominated metal by making it more expensive for buyers using other currencies, hurting demand.

CONTINUED: http://online.wsj.com/article/BT-CO-20100506-718330.html?mod=WSJ_latestheadlines

The tanking euro has meant that gold has surged to an all time high in euros, and Europeans are buying it
up in panic style in fear that the euro is in danger if falling apart. In the States, it is at $1200, which
is not quite a record high, but flirting with it.

can either go up in smoke, or get blown away.

and it has done better than any of my other investments. I always worry when it goes up too high though. Makes me feel like another shoe is going to drop

"Gold futures settled at a record high on Tuesday and then sped past $1,233 in late electronic trading, as the long-term implications of the European Union's rescue package and its impact on the euro lured investors into assets often prized as a safe haven."
http://www.marketwatch.com/story/gold-prices-resume-rise-as-eu-plan-pondered-2010-05-11

(checking the 'High' column below)




I love watching this.

:P

was up almost 5% yesterday.