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Gold Prices Climb For 7th Week, History Setting Price

August 19, 2011

Incredible.

Gold prices soared to new highs Friday, gaining as much as $59.40 US, or 3.3 per cent, to $1,881.40 US an ounce.

By midday, bullion for December delivery had given up a large part of that, but was still trading on the New York Mercantile Exchange at $1,852.40, up $30.40.

The metal was headed for its seventh consecutive week of gains, the longest string of advances in almost four and half years.

Investors have been pouring into gold, looking for a place to conserve wealth amid concerns about the possibility of a U.S. downturn, Europe’s debt crisis or inflation after extensive government stimulus spending.

One Comment
  1. August 19, 2011 4:42 PM

    Sovereign nations are buying gold. Not just investors. That tells us something about the strength of their currency in the future.

    The question is who is selling gold in such large amounts.

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