Gold hits another record high.

Monday, 18 April 2011 09:20

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.