Gold extends gain to $50, nears all-time record close

Read full post at forexlive.com

Rate
cuts?
Failing
growth?
Huge
deficits?
Political
instability?
Geopolitical
fears?

Take
your
pick,
gold
has
them
all.
The
week
started
off
with
a
slump
on
data
showing
China
didn’t
add
to
reserves
(at
least
officially)
for
a
second
month
but
that
hasn’t
been
enough
to
derail
the
trade.

Gold
is
up
$51
to
$2422.
With
a
few
more
dollars,
today’s
trade
could
be
the
all-time
high
closing
level.
The
May
record
intraday
high
was
$2449,
which
probably
isn’t
reachable
today
but
is
definitely
in
the
crosshairs
for
the
next
week
or
so.