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Gold At All-Time High-Investors Flee Currencies (12/07/2010)

Gold climbed to records in New York and London on demand for an alternative investment to currencies. Silver advanced to a 30-year high.

Gold rallied as the dollar fell to a three-week low against the yen and weakened against most other major counterparts after President Barack Obama said he would agree to sustain tax cuts. Gold traded in Japanese yen rose to the highest price since 1983. Precious metals gained this year as Europe’s debts weakened paper money.

“With all the concern going on about the U.S., and all the debt issues in Europe, there’s no currency that anybody really wants to hold,” said Connor Noonan, an analyst at Castlestone Management Ltd. in London. “What we used to see in this kind of situation was safe-haven buying in dollars and now that’s turning into safe-haven buying of gold.”

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Tuesday, December 7, 2010   BLOMBERG-