29 September 2010
Gold price breaks above $1,300 with confidence, Silver price tops 30 year High
Gold sets 8th record this month as price per ounce reaches $1,310.10
Gold prices finally broke above $1300 with confidence yesterday, after the afternoon Gold fix in London, reaching $1,310 by 03:25am London time.
This Bullion price boost was driven by widespread expectations of yet further stimulus by the Federal Reserve in an effort to jump start the weakened US economic outlook, causing further downward pressure on the US dollar.
This latest rise brings the annual increase in the Gold price to around 19% for 2010, and increasingly the Gold bears are fewer in number as the western governments continue to run massive deficits and sovereign debt problems pile up.
At BullionSupermarket.com activity has seldom been stronger with traffic, click-throughs and, perhaps most tellingly conversions, all at or near record highs.
The balance of price comparisons carried out on the site has switched back in favor of Gold over Silver, after a brief period of heavier interest in the white metal. Premiums have edged upwards a little with 1 oz fixed price gold in the US trading at 15.08% over fix while US 100 ounce fixed price silver was trading at 18.14% over Mondays fix.