Gold (NYSE:GLD) futures today pushed higher for the tenth consecutive day (!), closing at over $1,600 per ounce and recording a new record high. Trading over the precious metal finally settled at $1,602.40 per ounce on the New York Comex, as haven buying continues to brew a mania among gold advocates seeking refuge from debt and default concerns in the U.S. and Europe. Portfolio manager James Cordier noted, “Until there is a (resolution to debt concerns) people are going to like a safe haven.” Gold seems to be doing a good job of providing that for now, regardless of what Bernanke thinks.
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Silver (NYSE:SLV) too bounced higher in trading, closing at over $40 an ounce on daily gains of 3.3%, marking its highest close since May 3rd. Analysts are now calling for silver to move higher in tandem with gold, maybe even outpace its pricier metal partner in price gains in the coming weeks. Kathleen Brooks of Forex noted, “Recently gold has outpaced silver; however, with gold reaching a record $1,600 per ounce this morning, we think that silver may play catch-up. Silver could outperform gold once more toward the end of summer, and we would expect the gold-silver ratio to start declining once more as a result.”
Other metals gained today as well, with Platinum and Palladium both ending the day up, 1.1% and 1.8% respectively.