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Reply #5: Gold rises as fears over 'nuclear' Iran see oil prices spike [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-18-06 05:35 AM
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5. Gold rises as fears over 'nuclear' Iran see oil prices spike
GOLD surged to a fresh 25-year high yesterday, buoyed by concerns over Iran's nuclear ambitions and surges in oil prices, which breached the $70 a barrel level for the first time since Hurricane Katrina hit the US coast last August.

Meanwhile, silver powered to its highest since May 1983 on hopes for the first silver exchange-traded fund. Hedge funds and operators investing in the short term were anxious about shifting their funds into gold and silver for the purpose of diversifying and raising higher returns.

Spot gold rose as high as $606.10 an ounce - the highest since December 1980 - while silver rose to $13.33 per ounce, the highest since May 1983.

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"We all know both gold and silver prices are too high, but no long-holders are willing to sell, while short-holders were getting heavily squeezed," said Takashi Ogura, a risk management section manager at Kanetsu Asset Management. "People don't want to go against the present bullish trend, so prices are surging," he added.

more...

http://business.scotsman.com/economy.cfm?id=583892006
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