Gold pushes above $900 in buying spree

[Adsos Letter]

Source: Financial Times

By Javier Blas, Commodities Correspondent

Published: January 26 2009 17:44 | Last updated: January 26 2009 17:44

Strong investor buying on Monday pushed the price of gold above $900 a troy ounce, hitting a 3½-month high in dollar terms and posting all-time highs in euro and sterling, in a stark sign of money seeking refuge from equities and bond markets.

Edel Tully at Mitsui & Co Precious Metals in London said gold was the “obvious shelter” for safe-haven investors

Traders said that investors, particularly in continental Europe and the UK, were pouring money into gold exchange-traded funds – a popular way to gain access to the metal – and also noted strong buying of physical gold, from coins to bars.

In London, spot gold rose to $915.30 an ounce, up from New York’s last quote on Friday of $898.40. The precious metal also hit an all-time high in both sterling at £661.55 an ounce, and in euros, at €701.55 an ounce.

http://www.ft.com/cms/s/0/85bb17bc-ebcf-11dd-8838-0000779fd2ac.html

[SmileyRose]

1. Oh joy, the predators have found a new toy.

[lapfog_1]

2. God I hope so... I've been investing in gold for months now...

I want to see it go past $1200/ounce by this time next year (if we try to inflate our way out of the mess we are in, that's a easy mark).