Polls will be the largest ever in human history with over 960 million people eligible to vote
Gold futures for April delivery rose as much as $23.80, or 2.4 per cent, to $1,000.30 an ounce and traded at $995.10 at
Global stocks have extended their slide, erasing 42 per cent of their value since the end of August on concern that the economic slump may worsen and wipe out corporate earnings.
Governments are lowering interest rates and spending trillions of dollars to combat the recession, also spurring investors to buy bullion as a hedge against potential inflation. Physical demand has pushed gold holdings in exchange-traded funds to records.
“One camp of investors is buying gold because of fear the fiscal stimulus packages are insufficient to bring the economy out of recession,” said Peter Fertig, owner of Quantitative Commodity Research Ltd. in Hainburg, Germany. “The other camp fears the stimulus packages will lead to inflation.”
Gold last topped $1,000 on March 18 in
“People will soon realise the dollar is just as bad as other currencies,” said Mario Innecco, a futures broker at MF Global Ltd. in
Gold is cementing its status as a haven investment as governments seek to flood the financial system with cash in an effort to haul the global economy out of a recession.
Gold above $1,000 may attract more investors seeking to take advantage of the longest advance in the metal’s price in 60 years. Assets in some of the industry’s largest exchange-traded funds are at all-time highs.
Holdings in ETF Securities Ltd.’s gold exchange-traded commodities rose to a record 7 million ounces as of February 13. The SPDR Gold Trust, the biggest ETF backed by the metal, expanded to 1,029 metric tonnes Thursday, closing in on the reserve holdings of
Investment demand for bullion, including coins and bars, almost tripled to 399 tonnes in the fourth quarter, as total demand climbed 26 per cent to 1,036.5 tonnes in the period, the London-based World Gold Council said on February 18. Retail and professional investors will continue to seek gold’s stability, said Aram Shishmanian, the council’s chief executive officer.
Among other metals, silver gained 46.5 cents, or 3.3 per cent, to $14.40 an ounce in
Platinum jumped $13, or 1.2 per cent, to $1,089.50 an ounce, and palladium fell 10 cents to $216.50 an ounce
in
Gold’s all-time inflation adjusted record is $2,224 on
Polls will be the largest ever in human history with over 960 million people eligible to vote
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