Spot Gold hit $1814 in early Asian Trading.

Silver futures for September delivery rose $US1.444, or 3.8 per cent, to $US39.327 an ounce on the Comex.

Platinum futures for October delivery advanced $US15.30, or 0.9 per cent, to $US1,771.70 an ounce on the New York Mercantile Exchange. The metal, used mostly in catalytic converters in cars, closed below gold for the first time since December 2008.

Palladium futures for September delivery fell $US7.75, or 1.1 per cent, to $US726.80 an ounce on the Nymex.

Gold futures for December delivery climbed $US41.30, or 2.4 per cent, to settle at $US1,784.30 at 2:13 p.m. on the Comex in New York. Earlier, the price reached a record $US1,801, climbing to an all-time high for the third straight day.

This week, the metal has gained $US132.50 after Standard & Poor's cut the US credit rating by one level from the top AAA grade on Aug. 5. The S&P announcement, combined with Europe's sovereign-debt crisis, spurred a rout in global equities and stoked concern that the US may lapse into another recession.

Bank of America Merrill Lynch, in a report dated yesterday, raised its 12-month gold-price forecast to $US2,000 on the increased chance for another round of US asset purchases, known as quantitative easing.


Shayne Heffernan

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.