September 13, 2011
Both gold and silver prices are up today as the European debt crisis continues to play out.
Gold for December delivery was up $14.60 at $1,827.90 an ounce at the Comex division of the New York Mercantile Exchange and silver prices were up 36 cents at $40.58 an ounce, Alix Steel reports for The Street.
Gold recoevered after a loss on Monday. The metal fell 2.5% as investors fretted over the eurozone debt fiasco.
Investors flock to gold and silver as stock markets slide on continued bad global economic news. Gold is in the 11th year of a bull market, the longest since the last stretch in London in 1920. It is up a remarkable 28 percent this year alone and has bested stocks, commodities and treasuries, according to Bloomberg.
On Monday, the yield on the 10-year Treasury note fell to 1.87 percent, the lowest since the Federal Reserve Bank of St. Louis began keeping daily records in 1962.
“With rates this low – and the Fed has pledged to keep them low until 2013 – investors aren’t getting much of a yield on their Treasury bonds,” writes Erin E. Arvedlund for Philly.com. “What about gold? There are plenty of ways to invest, but so far gold-bullion investments have outshone the mining stocks.”
In addition to the debt problems in Europe, skepticism surrounding Obama’s so-called jobs program has moved more investors into the gold camp.
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This article was posted: Tuesday, September 13, 2011 at 11:32 am