Gold Marching to 1200 Psychological Level

23 November 2009 @ 07:37 am EDT

Precious metals soar today on the back of central bank rhetoric while energies are lifted mildly by recovery in stocks. Gold surges to new record high of 1167.8 as St Louis Fed President James Bullard expressed his support on extending the program for mortgage-backed securities beyond Q1 of 2010. The comments trigger more fund flows fro dollar to gold, which is seen as further deterioration in the confidence on the greenback. Silver also benefit from weakness in dollar and resumed recent rally to 18.90 so far. There is no sign of topping in previous metals yet and we could see gold hits 1200 psychological level in near term.

Oil and Gold Reports contributed by Oil N' Gold

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