Myra P. Saefong of MarketWatch reports that gold futures touched an intraday record high of $2,712.70 on Thursday. Saefong writes:
The rally in gold showed little sign of a slowdown on Thursday, even as futures prices for the precious metal touched their highest intraday level on record — for the 33rd time so far this year.
Gold isn’t likely reach a price ceiling anytime soon, said Michael Armbruster, co-founder and managing partner at Altavest. “The trend is up and the key drivers for gold are unchanged — out-of-control federal spending which ultimately forces the [Federal Reserve] to debase the U.S. dollar,” he told MarketWatch.
“Foreign demand remains strong, and we are likely to hear more from the BRICS bloc regarding their de-dollarization plans,” Armbruster said, referring to Brazil, Russia, India, China and South Africa. “Western investors have been slow to embrace gold, and if that changes, it could turbocharge gold higher.” […]
The uptrend for gold “looks strong, and I believe we could rally into year-end,” Grant said. “I continue to be impressed by gold’s resilience in the face of recent dollar gains.”
Read more here.
