Gold Hits Yet Another Record as Debt Plans Duel
Gold (NYSE:GLD) futures today closed at yet another record peak, extending a remarkable multi-day run that is seeing the yellow metal trade at near all-time highs when adjusted to inflation. In terms of per ounce dollar price, gold futures for August delivery hit a record when they closed up $4.60 in trading, to finish at $1,616.80 per ounce. Scott Meyers of Prior Futures noted, “Money is pouring into tangible assets” as investors continue to show their concern over the new impasse in debt ceiling talks, seeking cover in the “safe haven” of gold and other precious metals. Other analysts warn that the appreciation in gold futures may be illusory, in that whether or not the gains are retained is largely dependent the outcome of ongoing debt talks. An agreement would “trigger an immediate correction in bullion prices,” said HSBC analysts today.
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Silver (NYSE:SLV) moved higher alongside gold today, adding 0.8%, to close at $40.70 an ounce. Copper was unchanged amidst a strike at the largest copper mine in the world in Chile. Platinum and Palladium both moved higher, finishing with gains of 0.7% and 3.4% respectively. MarketWatch notes, “South Africa, the world’s largest platinum producer, has seen annual platinum mine supply contract 1% on average over the past 5 years.”