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Can - ANYTHING - Slow Down Gold & Platinum?
Both metals are surging. Gold closed trading on Friday at $556.40. Platinum at $1036.00.
Gold rose as high as $558 an ounce before edging to $557.10 -- still up $7.8 or 1.4 percent -- by 11:20 a.m. EST on the New York Mercantile Exchange's COMEX division. The high mark was the loftiest price for benchmark futures since January 1981.
Gold rallied as investors who are bullish on the market for 2006 increased their stakes before an early close on Friday and a market holiday on Monday.
"The funds are coming back to buy it to new highs on a weak dollar and strong euro," said James Quinn, a market commentator at AG Edwards & Sons, at the floor of the COMEX.
With the strength of the buying, gold prices were able to break past chart resistance at $550.50 and surpass Tuesday's quarter-century peak, at $553.10.
Money managers and investors have increased their exposure to gold and commodities as they diversify away from currencies, equities and bonds in hopes of boosting returns. Concerns about the economy, geopolitics and a weaker dollar in 2006 also have attracted investors to the precious metal.
"Spot metal also is very strong, and I think you have a very strong cash market with some physical activity," added Quinn.
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