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Gold Prices Soar to New High

Gold Prices Soar to New High

Write: Chalsie [2011-08-09]
Gold has vaulted to record highs above 17-hundred US dollars an ounce, surging over 4 percent, as investors rushed to the precious metal amid the market sell off on Monday and lingering concerns about Europe.

Paul Sacks is a gold trader with Aurum Options Strategies.

Gold Prices Soar to New High"Big upmove today in gold. The biggest I've ever seen. Probably, the biggest in over 30 years. Clearly, a reaction to the downgrade by the S&P of U.S. debt. I'm not so sure it was a surprise, but it was the excuse that everyone needed,"

Spot gold has hit a record 17-hundred-18 US dollars an ounce.

Meanwhile, silver has surged 2.9 percent to $39-dollars-39 an ounce.