Silver Bars Direct

12 May 2010 74 views One Comment Email This Post

The price of gold hit a new high of $1,247/oz today, beating it’s previous high of $1,226/oz. According to the Wall Street Journal:

“Gold’s strength indicates investors view the European Union and International Monetary Fund rescue package as a short-term fix that doesn’t reduce uncertainty on how governments will reduce their high debt levels.”

The gold trust ETF, GLD, reported that its supply of gold rose to a record 1,185 tons.  The trust is now the world’s sixth-largest gold stockpile, just behind the French treasury.

So is it time to sell gold? No, but its probably a good idea to keep on selling your euros or dollars for gold and silver.  Gold is making new highs in almost every currency, with the exception of the Canadian loonie which has shown remarkable resilience during the economic crisis of the past few years. I would have thought that the Australian dollar would’ve have benefited from increasing commodity prices and the fact that the Reserve Bank of Australia just increased the interest rates again, but apparently not. The Aussie dollar is down about 5% over the past week. Might be a good time to go long the Aussie along with some silver.

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