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FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Gold Moving Closer To All-time High

Commodities / Gold and Silver 2011 Feb 26, 2011 - 04:33 AM GMT

By: LiveCharts

Commodities

Gold prices have slipped a bit to close out the week, but an ounce of gold is holding steady over $1,400 as a run toward late December’s all-time intraday trading high of $1,431.50 appears inevitable in the coming weeks.

Continued political unrest in Libya and Bahrain, combined with the recent overthrow of 30-year Egyptian President Hosni Mubarak, has driven speculators toward commodities.


Oil prices pushed through $100 during Thursday’s (February 24) trade and are headed for the largest weekly gain since October 2009. And gold is once again the safe money bet in lieu of political and economic uncertainty.

Gold is up $3.40 in early Friday morning trade on the New York NYMEX to a current spot rate of $1,405.50. This comes after a Thursday close of $1,402.10.

Gold closed Wednesday at $1,411.70 and reached as high as $1,414.50 early Thursday before a drop off.

Prices are currently about $70 higher during the month of February after a January swoon saw the price of an ounce of gold move as low as $1,314.90.

In the current political environment and with no major triggers to drive economic sentiment in the United States, another spike in gold prices toward $1,500 is likely.

Equity investors have moved money out of stocks this week as the Dow Jones Industrial Average opens the final day of trading for the week holding tight to the 12,000 at 12,068.

 The Commerce Department just announced early Friday morning that the fourth quarter gross domestic product only grew by 2.8 per cent. This was lower than the previous estimates of 3.2 per cent and forecasts for an upward revision to 3.3 per cent.

Less government contract spending and less robust consumer spending were cited as reasons why the GDP did not grow as much as anticipated.

The economy grew 2.8 to 2.9 per cent during 2010, but flat growth in the fourth quarter adds to the potential that speculators are going to show continued interest in oil and gold, at least in the near term.

Neil Kokemuller

LiveCharts.co.uk

Neil Kokemuller is an Associate Professor of Marketing at Des Moines Area Community College in Des Moines, Iowa, USA. He has a MBA from Iowa State University. He is also in house stock market commentator at Live Charts UK, where you can find real time charts and share prices .

Copyright © 2011 Live Charts

Please note: The information provided in this article is intended for informational and entertainment purposes, and not as advice for financial decisions or investments. Actions taken on the basis of the information shared is at the sole risk and discretion of the individual. Currency investment poses significant risk of loss.

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