Gold hits another record high.
Well it is no wonder after today global market turmoil that gold has hit another high, trading at 1,497.30 in COMEX. The days range has been 1,416.20 ~ 1,497.30 and is currently trading at 1,491.80. Off the back of the rumors of the Greek debt restructuring, the S&P potential downgrade of the US and further worries in Euroland had investors from fleeing stocks. Crude-oil futures also declined, as did most commodities, including copper, platinum and palladium.
Silver rallys as well with the May contract +1.42% adding 64 cents, or 0.2%, to $42.65 an ounce.
But that’s where the rally for metals ended. Other metals more closely tied with the economic recovery and the health of the stock markets declined Monday.
Copper for May delivery -1.28% retreated 7 cents, or 1.7%, to $4.19 a pound.
Platinum and palladium, key elements in the making of auto catalyst converters, also fell. Platinum for July -0.65% retreated 412.60, or 0.7%, to $1,782.20 an ounce. June palladium -3.92% was off $28.40, or 3.7%, to $739.65 an ounce.
