Image via WikipediaGold is rapidly approaching its all time high intraday high (and someone please inform Dennis Gartman that Gold in euro terms is close to its record again), as spot has surged $12 in a few minutes and is now near $1,260 (record intraday was $1,265 set back in June). In addition to the CHF and the JPY, gold is once again the safety trade. This comes hot on the heels of the recent report issued by UniCredit SpA’s Jochen Hitzfeld, the most accurate gold forecaster tracked by Bloomberg in the last three quarters, in which the analyst raised his estimate for the metal’s average price next year by 12 percent to $1,400 an ounce, and for 2012 to $1,600. More...
Tuesday, September 7, 2010
Spot Gold Surges
Image via WikipediaGold is rapidly approaching its all time high intraday high (and someone please inform Dennis Gartman that Gold in euro terms is close to its record again), as spot has surged $12 in a few minutes and is now near $1,260 (record intraday was $1,265 set back in June). In addition to the CHF and the JPY, gold is once again the safety trade. This comes hot on the heels of the recent report issued by UniCredit SpA’s Jochen Hitzfeld, the most accurate gold forecaster tracked by Bloomberg in the last three quarters, in which the analyst raised his estimate for the metal’s average price next year by 12 percent to $1,400 an ounce, and for 2012 to $1,600. More...
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