Gold Hits $1000, Dollar Weak, Investors Seek Refuge

By: Reuters

Gold powered through the $1,000 per ounce psychological barrier on Tuesday, carried by a wave of pent-up technical momentum and dollar weakness, with some analysts eyeing last year's record high at $1,030.80.

Some investors were also seeing gold as a caveat to stock market bullishness as they fret about the result of central banks and governments pumping billions of dollars into banking systems to boost growth.

Spot gold rose as high as $1,007.45 an ounce, its highest since March 2008, when bullion touched a record high at $1,030.80 an ounce.

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Bet on the Euro Rising to $1.47 dollars says Hellemeyer

More turmoils in the Currency front for the US if the monetary and structural problems of America are not addressed

America seems still in recession while the rest of the world seems to be pulling out it quicker the dollar may collapse as a result of US economic policies once the solidarity amongst the G20 members evaporates especially from China and Russia which has the third largest foreign currency reserve in the world mostly in US dollars says Folker Hellmeyer i the chief analyst at Landesbank Kreditanstin from Bremer Germany , he talks with Bloomberg's Rishaad Salamat about the outlook for the dollar. Hellmeyer says the Euro will soon reach $1.47 as Europe shows signs of recovery especially Germany and France while USA is still suffering from a large deficit and structural imbalances that if not addressed could have the dollar as the victim of these policies says Hellmeyer he agrees on this with re known economist Nouriel Roubini . Hellmeyer speaks from Bremen, Germany.


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