Gold price surges Not Stop

NEW YORK - Gold prices kept going and now hold more steady at U.S. $ 1,600 per ounce. Gold prices managed to rally scoring for 11 consecutive days on concern the problem of default crisis in the U.S. and Europe.

Even gold prices continue to soar despite the U.S. dollar strengthened. The price of gold has shown prowess back since the debt crisis in Europe worsened, especially since the provision of a second bailout for Greece.

While in the past 11 days, the price of gold has jumped to 8% responded to the increased likelihood of failure to reach agreement between President Barack Obama and Congress to raise U.S. debt limit of U.S. $ 14.3 trillion. If both parties do not agree, then the U.S. threatened with default.

Technical charts indicate now the gold could rise to U.S. $ 1,700 an ounce within the next few months.

"What comes out of the talks this debt is that you see a lot of people focus on the numbers and understand the bifurcation of the debt burden of countries," said Robert Lutts, chief investment officer at Cabot Money Management, as quoted by Reuters on Tuesday (19 / 7 / 2011).

In trading Monday (18/07/2011), price of gold in the spot market could reach U.S. $ 1,607.01 an ounce, before it finally closed up to 0.7% to as low as U.S. $ 1603.89. The rally was also at the same price of the longest rally for 10 days after the printed price of gold in 1970.

The price of gold futures for August delivery rose U.S. $ 12.30 recorded a U.S. $ 1,602.40 an ounce, after briefly trading at the level of U.S. $ 1,591.40-US $ 1,607.90. The volume reached 130,000 lots, down sharply from last week when the price rallies to reach record highs.

While silver prices also jumped Ingga 4% to U.S. $ 40 per ounce for the first time since early May. Gold prices had struck a record high in 2 months to U.S. $ 40.70 before it finally closed up 2.5% to U.S. $ 40.27 per ounce. Silver prices have surged 15% recorded in 2 weeks.

Source : http://finance.detik.com

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