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Coin Collecting NewsGold Rises to Record; Silver at 27-Year High on Dollar’s Slump
Feb. 27 (Bloomberg) — Gold rose to records in London and New York and silver gained to a 27-year high as the dollar’s all- time low spurred demand for precious metals as a hedge against inflation. Palladium rose to the highest since 2001.
Gold is up 15 percent this year as a U.S. housing slump and turmoil in credit markets led the Federal Reserve to lower interest rates when commodities were rising to records. The dollar declined on speculation Fed Chairman Ben S. Bernanke will signal more rate cuts in testimony to Congress today.
“With a weaker dollar, imports become more expensive and that can import inflation into a country,” said Ben Davies, chief executive officer of Hinde Capital Ltd. in London who helps manage the Hinde Gold Fund. “The Fed wants to inflate their way out of the problems of a huge deficit and a banking system that’s at the point of imploding.”
Gold for immediate delivery climbed $10.30, or 1.1 percent, to $958.45 an ounce as of 11:24 a.m. in London after earlier rising to a record $964.99. Read Full Story
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