The Sydney Morning Herald – Gold surged to a record for a second straight day as investors stepped up purchases to protect their wealth against currency depreciation. Silver also gained.
Gold futures touched an all-time high of $US1218.40 an ounce in New York and bullion priced in sterling, euros and Swiss francs also set records. Central banks, pension funds and individuals have bought gold as a hedge against potential currency debasement and inflation. The precious metal is climbing “like there is no tomorrow,” David Thurtell, an analyst at Citigroup, said in a report.
