18 February 2009

Gold hits record against euro on fear of Zimbabwean-style response to bank crisis - Telegraph

Gold hits record against euro on fear of Zimbabwean-style response to bank crisis - Telegraph: "This gold rally is driven by safe-haven fears and has a very different feel from the bull market we've had for the last eight years,' said John Reade, chief metals strategist at UBS. 'Investors are seeing articles in the press saying governments should deliberately stoke inflation, and they are reacting to it.'
Gold jumped to multiple records on Tuesday, triggered by fears that East Europe's banking crisis could set off debt defaults and lead to contagion within the eurozone. It touched €762 an ounce against the euro, £675 against sterling, and 47,783 against India's rupee"

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