Investors are backing away from the US dollar as fast as possible and gold is the preferred landing spot. Gold hit a new record of $1,070 and ounce in New York this morning and all indications are that the flight to gold is still strong.
“As long as they keep selling the dollar there is no reason not to continue to buy gold, and that seems to have been the prevailing sentiment over the last few days,” said Ole Hansen, senior manager at Saxo Bank.
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