Gold keeps on going: Touches new record high

Gold rallied to a fresh high yesterday then quickly fell $25 on profit taking. It steadied in Asia and began the climb again and has just broken to a fresh record.

I fear there is some pre-election buying of gold that could unwind after the decision, particularly if Congress is split (which should somewhat restrain deficits). Seasonally, the tailwinds blow from November through January so I don’t think we’re at the top but I’m starting to see more mainstream talk about gold and the eye-watering predictions that often accompany tops.

This article was written by Adam Button at www.forexlive.com.