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Spot gold surged to an unprecedented $1,895.3 an ounce

Aug 22 2011
By
Forexbrokerz.com

Spot gold surged to an unprecedented $1,895.3, on investors' fears of another US. recession and change for the worse of the Eurozone's debt crisis.

 
On last Friday gold struck an all time record above $1,877 an ounce and staged its biggest weekly gain for the last 2 years.
 
"We are not expecting anything supporting the U.S. economy or the macro data for at least a couple of months," said Tom Price, Global Commodity Analyst at UBS, quoted by Reuters .
 
"Europe we regard as even weaker. We are thinking $1,900-$2,000 over a very short period of time is a likely target."
 
Investors are waiting for signs of quantitative easing 3 (QE3) from the Fed  when bankers gather in Jackson Hole late this week.
 
QE3 could raise the inflation outlook and drive gold over $2000 an ounce.
 
Wanna take advantage of gold jerk? Here is a list of gold trading brokers.

 

TAGS: gold  record  us recession  eu crisis  eu debt 

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