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Gold hit a three week high at close of trade on Friday. The precious metal has again broken through the US$900 an ounce mark and currently sits at $904.
This article identifies the trend as coming from increased demand for raw materials and from investors looking for a hedge against inflation.
In the US we’re seeing the renewed concern surrounding the financial markets translate to demand for safety investments says William O'Neill, a partner at Logic Advisors in Upper Saddle River, “The continued turmoil surrounding financials is attracting flight-to-safety demand. I see the metal working higher. Prices have consistently held key technical support at the 200-day moving average and are now starting to work through overhead resistance.''
NZ Mint has been in the news recently.
Have a look at this story about an amount of gold we acquired recently. In October 2006, Wayne Patterson was arrested for multiple benefit fraud. When Police raided his house, they found the gold and cash hidden in secret compartments. Some was also buried in the garden. We’ll be turning the gold into our famous Gold Kiwi coins to sell on the market.
Also check out this article we did for Herald on Sunday. All your gold questions answered!
