Gold Closing in on $1150 an Ounce

Gold hit a new record high Wednesday of $1148.03 an ounce as investors look to hide from a still-falling US dollar. China, India, and Russia have all sold part of their dollar holdings in order to buy gold and some experts feel this trend could continue well into the new year.

Earlier this week, Tom Kendall, precious metals strategist at Mitsubishi Corp, told Reuters: “There is no reason why over the next few days it can’t have a push towards that $1,200 mark.”

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