Gold Reaches New 2010 High Above $1,180

Gold Settles at New 2010 High Above $1,180

Gold hit a 2010 high above $1,180 an ounce Friday, gaining 1 percent as a widening euro zone sovereign debt crisis prompted investors to buy the metal asset in a flight to safety.

The precious metal has rallied almost 6 percent in April, its biggest one-month rise since November, as credit ratings downgrades of Greece, Spain and Portugal unleashed a wave of risk aversion, channeling money into gold.

Michael Daly, gold specialist at futures broker PFGBest, said that gold tends to outperform other commodities in times of crisis, and the currency of choice is gold for investors who worry about the viability of fiat currencies
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A look at how gold calls could be a better hedge against calamity than S&P puts, with Brian Stutland, Stutland Equities.