Thursday, February 02, 2006

Gold posts 25-year high, platinum at record

LONDON, Feb 2 (Reuters) - Gold pushed to a new 25-year high on Thursday as tensions over Iran's nuclear programme and firm oil prices early in the day drove investors to take refuge in the haven of precious metals.

Platinum raced to its highest ever level, silver matched this week's 22-year high and palladium rose to a 21-month peak.

"Everything is bullish," said Stephen Briggs, economist at SG Corporate and Investment Banking.

"Commodities are going up, therefore more people are finding more products to offer to the general public or to investors and it's just creating more and more interest," he said, referring to exchange-traded funds.

Interest in gold funds have risen as prices have soared. Such funds have so far accumulated more than 440 tonnes of gold, which would equate to the 12th largest holding by a central bank.

Spot gold touched $574.60 an ounce, the highest since January 1981. It was quoted at $572.20/573.10 an ounce late in New York, versus $569.40/570.30 at Wednesday's close.

Gold rose to a record high in euro terms at 475.39 euros. In terms of the British pound, it climbed to a 23-year peak of 323.14 sterling.


Anonymous Anonymous said...

And OIL is headed to 100 !

4:37 PM  
Blogger Ministry of Truth said...

And the dollar is headed to zero.
Unfortunately, there is a lowest common denominator... they are all scams.

6:00 PM  

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