Gold prices rush to new record on global economy worries

[Tuesday Afternoon]

By Tiffany Hsu, Los Angeles Times

August 4, 2011
Gold prices showed no signs of retreat as investors continued to worry about the global economy.

Investors, spooked by a raft of discouraging reports about slowing job growth, have been pulling out of stocks and retreating into the safety of the precious metal. Gold rushed to a record $1,663.40 an ounce Wednesday, up $21.50, or 1.3%.

Recent reports that showed sluggish job growth and layoffs hitting their highest point in 16 months spooked the stock market Wednesday. Investors also feared the possibility that rating firms might downgrade the U.S. credit rating and the severe fiscal problems facing Europe.

The turbulence has helped gold continue its decadelong upward march, analysts said.

more at link:
http://www.latimes.com/business/la-fi-gold-record-20110804,0,5578497.story?track=rss

[ixion]

1. And the slow motion train wreck rolls on towards the inevitable