Gold Surges … New Record, Once Again
Day, after day, after day, after day … and so on. Gold continues to surge past the previous day’s record highs. It hit $897.30 on the New York Mercantile Exchange (NYMEX), which was higher than the record of $894.40 on Wednesday.
Gold was helped today after Federal Reserve Chairman Ben Bernanke indicated more interest rate cuts are on the horizon. That resulted in the dollar sharply falling and gold strengthening.
Many analyst are suggesting and expecting gold to hit $900 an ounce and very soon. At some point, there could be a correction with profit taking. Will that happen after and if gold reaches $900? Only the crystal ball knows …
At 5:11 a.m. EST, spot gold was at $893.50.
