Gold prices hit record highs yesterday as the negative economic news piled up.
Morgan Stanley reported that the economies in Europe and America were
dangerously close to a recession. Weekly jobless claims posted much higher than
anticipated. The manufacturing index via the Philadelphia Reserve was poor.
Stock indices in Europe, Asia and America plummeted into negative territory. The
environment was one that caused investor fear and anxiety. The environment was
ripe for safe have acquisition. Gold closed out yesterdays session above the
1800 price per troy ounce mark. Today, stock futures tumbled once again and the
primary stock indices moved in negative territory. The Dow Jones Industrial
Average, along with the Nasdaq and S&P 500 are red. Gold is making moves towards
1900 per troy ounce. Wall Street was set for another gloomy day as anxieties
heightened overseas regarding the European debt crisis. Fears of a global
recession are growing which is sending gold prices to fresh highs this day as
well. In addition, the dollar was falling weaker to a basket of other currencies
which was making gold and silver metals cheaper to acquire. One day after
hitting a new record, gold was moving towards new records. During the first half
of the trading session today, contract gold was higher by 1.81 percent at 1855
per troy ounce. Spot gold and spot silver were moving higher at this point as
well. Spot gold per gram was at 59.89 and spot silver per ounce was at 42.30.
Safe havens gold and silver continue to move higher this day. Camillo Zucari
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