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Coin Collecting NewsGold Zeroes in on $1,000 as Dollar Slumps
Gold has surged to yet another all-time high at 976.00 as the dollar continues its slide. Silver set a new 27-year high near $20 and platinum appears poised for a push above $2,200. The metals have gained additional support from strong investor interest and rising oil prices. While gold has retreated on profit taking in more recent trading, focus remains squarely on buying strategies.
The dollar has extended recent losses and the long term downtrend seems to be clearly back underway. The dollar index pushed convincingly below 74.00, on track for a short term test of 72.00. If not for a sharp correction in the high-yielders, we might have attained the latter today.
A new wave of risk aversion and carry trade unwinding knocked high yielding currencies such as the AUD, NZD, NOK, SEK off of their recent highs. This served to underpin the dollar somewhat, but given the generally dismal dollar outlook, the other safe haven currencies (yen and Swiss franc) were the primary beneficiaries. Read Full Story
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Koichi Ito | Mar 1, 2008 | Reply
Buying Silver, Gold, Platinum Bullion Coins is most favored way for Safe Haven Investment beside switching to Euro, Swiss Franc, Australian Dollar, New Zealand Dollar, and Canadian Dollar. What else you can invest in?