Gold Powers Through $950 and Silver Through $19 After Oil Hits Record
Source: Mineweb.com (2/27/08)
Gold roared above $955 an ounce on Wednesday to its highest level ever, with investors pouring money into the metal after oil hit a record above $101 a barrel and the U.S. dollar tumbled against other currencies.
Spot gold rose as high as $955.70 an ounce, with buying particularly from investors and speculators in Japan. It was up from $946.60/947.40 late in New York on Tuesday and has gained more than 14 percent this year.
Silver rallied to its loftiest level since November 1980 on investor buying as it was still cheaper than other precious metals. Palladium jumped to its best level in more than six years while platinum hovered below last week's record.