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.
"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.
