Bloomberg reports that gold rose today to an all-time high of US$1,320 an ounce. The gain is attributed to investors seeking “an alternative to a weakening dollar.”
Gold is predicted to go up even further as the Federal Reserve continues to take steps to stimulate the US economy. Commented Adam Klopfenstein of Lind-Waldock, “Gold is not at a top yet, and $1,300, the old resistance level, is now a level of support.”
The price of silver is also reported to have reached a 30 year high of US$22.15 per ounce.