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Friday, June 11, 2010

Gold Prices Up for Third Straight Week

Gold prices were up by $11.80 today, hitting $1,229.50 at 12:44 PM EDT, heading for gains for the third week in a row.

Recent pullback in prices has brought another buying opportunity, and investors are taking advantage of it by buying on the dips.

Over the last couple of days gold have fallen by just under 2 percent, after breaking another record earlier in the week of $1,254.50 an ounce.

All this continues as the faith in paper currencies continues to plummet, making gold to be an alternative currency.

“We’ve seen gold reassert itself as an alternative currency,” said Evy Hambro, the manager of Blackrock Investment Management Ltd.’s World Mining Fund. “You only really get a true bull market for gold when gold is rising in all currencies, and that’s exactly what we’re seeing.”

There is nothing happening in the world that will change this any time soon.

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