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Gold Futures Surge to a Record $967.70 as Euro Tops $1.51
By Pham-Duy Nguyen and Claudia Carpenter
Feb. 27 (Bloomberg) – Gold futures rose to a record $967.70 an ounce as the dollar fell to the lowest ever against the euro, boosting the appeal of the metal as an alternative investment. Silver extended a rally to the highest since 1980.
Federal Reserve Chairman Ben S. Bernanke signaled borrowing costs will be reduced again to bolster the economy. That sent the euro to a record $1.5124. Gold surged 31 percent in 2007 as the Fed initiated a series of interest-rate cuts to avoid a recession, while inflation accelerated at the fastest pace in 17 years.
There's a great deal of concern about the U.S. economy, and there's clearly an inflation threat,'' said William O'Neill, a partner at commodity research firm Logic Advisors in Upper Saddle River, New Jersey. There’s stagflation, and that’s driving people into alternative assets like gold and silver.‘’
http://www.bloomberg.com/apps/news?pid=20601012&sid=aREVUxNIjg.w&refer=commodities