As fears re-emerged that the Greek's wouldn't be able to push through their austerity measures, the price of gold stepped back over the $1200 line, and is once again looking to challenge the highs of $1225. Yesterday's pullback has been forgotten, as the lure of gold as a safe haven once again came on the radar of traders.
Chris Hossain, ODL Securities
Gold & Silver
- Hedge Fund manager John Paulson's recently launched gold fund jumped 10% in April as prices rallied.
- Moodys Investor Services announced that they may still downgrade Portugal, and could further lower Greece to junk status
- The rate of inflation accelerated in China during April as consumer and producer prices beat estimates
- Fed members Lockhart and Plosser are both scheduled to be speaking in Atlanta this afternoon
Major Economic News
US WHOLESALE INVENTORIES