Gold traded at $1045/oz overnight, a new all-time high, and it closed at $1040 in NY, clearly above the previous high of $1030. Here are analytical articles from Reuters and Forbes.com on the reasons behind the rise and what the future might hold. From a technical perspective, I certainly would not be selling just yet as this is now a blue-sky trade and where it stops, nobody knows.
I know I’ve mentioned this before but I remember about 6 years ago seeing an analyst interviewed on CNBC or the like when gold was at $350/oz approx. He went through his analysis in a very matter-of-fact and bland way, outlining all his thought processes before delivering the punchline- gold was headed to $25,000/oz. Now that was a big call!!
