gold prices surge and will keep climbing as investors protect against european debt crisis
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8/9/2019 Gold Prices Surge and Will Keep Climbing as Investors Protect Against European Debt Crisis
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Gold Prices Surge and Will Keep Climbing as InvestorsProtect Against European Debt Crisis
By Kerri Shannon, Associate Editor, Money Morning
Gold prices yesterday (Wednesday) broke through to a record high, as investors feared the Eurozonebailout plan would debase the euro and escalate inflation.
Gold for June delivery continued its record-breaking Tuesday climb to hit $1,243.10 an ounceWednesday. The contract reached an intraday high of $1,249.20 an ounce. Spot gold prices hit $1,244.45an ounce, up almost 20% in the past three months.
Gold's reputation as a "safe haven" investment causes the metal's price to move inversely to investorconfidence, which has been rattled by the Greece debt crisis and last week's 1000-point plunge in theDow Jones Industrial Average.
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