Gold

Gold Tops $1,500 on Outlook for Escalating U.S. Debt, Dollar


Gold futures rose to a record $1,500.50 an ounce as U.S. debt concerns weighed on the dollar, boosting demand for the precious metal as an alternative investment. Silver surged to a 1980 high...

“The U.S. credit rating will undoubtedly be lowered in the next few years,” said Michael Pento, a senior economist at Euro Pacific Capital in New York. “This will mean much higher borrowing costs and a much lower currency. International investors have been using gold and silver as an alternative currency and an alternative to the dollar, and this will only exacerbate and accelerate that process.”


http://www.bloomberg.com/news/2011-04-19/gold-futures-top-1-500-on-outlook-for-escalating-u-s-debt-dollar-slump.html