Another Day, Another Record High For Gold

Tyler Durden's picture

If one scours the newspapers, maybe, just maybe, one may find reference, in the page 13 fine print, that gold prices keep hitting fresh all time highs each and every day. The rumor now is that petrodollars have had their fill of EURs (which they have been buying instead of USDs) and are migrating to PMs. Another catalyst is the earlier announcement by Jean-Claude Trichet that the rate hike may not be the first in a series, confirming the vacillation by the European Central Bank. Until we see confirmation we will let this rumor be. One thing we are certain of: there are more buyers than sellers.

Gold touching a new all time high: