Gold breaks record as investors fear recession, currencies (Double-Dip?)

Market Watch ^ | 06/09/2010 | Market Watch

[The Magical Mischief Tour]

SAN FRANCISCO (MarketWatch) -- Gold futures advanced to a record Tuesday as investors sought out an alternative to currencies amid lingering fears of a worldwide slide into recession.

Gold for August delivery, the most active contract, rose $4.80, or 0.4%, to settle at $1,245.60 an ounce on the Comex division of the New York Mercantile Exchange, the highest price since gold futures started trading in the 1970s.

That supplanted the previous record of $1,243.10 reached May 12.

[mlocher]

That supplanted the previous record of $1,243.10 reached May 12.

Here's hoping Gold breaks a record on your birthday, whenever the heck that is.

[Frantzie]

Recession? Try Depression and possibly Weimar Germany.

[gunsequalfreedom]

it is not a double dip if it never recovered

[eyedigress]

I’ve been in Gold since 2003. I have argued my point many times against the real estate coneheads. It is strictly a hedge to ensure all is not lost. My holdings are up 400%. My much larger holdings took the same hit as everyone else.

It is not a make money fast scheme but it can hedge your losses with much less outlay.

[eyedigress]

Let me Qualify. My Gold holdings are up 400%. My much larger stock holdings are down probably 8%. Given the small balance it takes to keep it in check. I will ride this tide.

[paristwelve]

The generosity and sacrifice of the gold dealers is truly commendable, willing to accept 1,245.60 soon to be worthless dollars for one ounce of gold.

[ConservativeWarrior]

The generosity and sacrifice of the gold dealers is truly commendable, willing to accept 1,245.60 soon to be worthless dollars for one ounce of gold.

Though impossible to know for certain, my guess is that precious metal dealers likely maintain relatively small amounts of cash assets. Nothing says dealers are going "all cash" by selling their gold.