US EditionGold Shatters US$4,000 Milestone, Silver Belts Record High as Investors Rush to Safety
Gold prices have surged over 50% this year as investors move to safe-haven assets amid geopolitical tensions, economic uncertainty, and fears of rising sovereign debt, analysts say.
- On Tuesday, gold rose past US$4,000 per troy ounce for the first time, with the spot price up US$76.69 to US$4,057.09.
- Investors sought refuge in gold amid mounting geopolitical drama as political turmoil in France, the US and Japan, sovereign debt concerns, and the US government shutdown fueled economic uncertainty.
- Up over 50% this year, gold's rally has accelerated investor interest as Goldman Sachs predicts $4,900 by the end of next year, nearly doubling since early 2024.
- Retail demand for bars and secondary market selling is boosting mining revenues as consumers in the US sell jewelry and buy gold bars, while metals and oil gains lifted Canada's main stock index on Wednesday.
- Viewed broadly, analysts see the rally as tied to weakening faith in fiat money, linking the surge to currency debasement and the 1979 gold surge alongside strains on the petrodollar system.
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A record rise in the price of gold to more than $4,000 an ounce further strengthens China's ambitions to build a financial system that would be less dependent on the dollar and US policies, according to a Bloomberg analysis released today
Nothing has succeeded in displacing the US dollar as the world's favorite reserve currency, but investors in Gold (GC=F) are launching a serious challenge.The asset of refuge is receiving with open arms the capital that flees from the green bank as political instability, public debt, and the whims of central banks eat the power of fiduciary currencies.The 'debasement trade': the escape of financial havensThe epic rise of gold coincides with thre…
Gold holds above $4,000; silver hits record high | Honolulu Star-Advertiser
Gold prices held above $4,000 an ounce today as investors assessed the Israel-Hamas ceasefire deal, while broader geopolitical and economic uncertainty alongside expectations for U.S. rate cuts sustained bullish sentiment towards the metal.
Gold shatters US$4,000 milestone, silver belts record high as investors rush to safety
Gold surged past the US$4,000 an ounce level for the first time on Wednesday (Oct 8), building on a record-breaking rally as broader geopolitical and economic uncertainty, as well as expectati
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