The price of gold leapt to a new record above $1,500 a troy ounce and silver soared past $45 as the huge debt burden of western countries burnished the appeal of the precious metals.
Investors are focusing on fears of the debasement of paper currencies amid rising inflation from China to Europe and a warning by Standard & Poor’s that the US could lose its AAA credit rating.
“It’s about whether governments can wrestle back control of the economic situation,” said Matthew Turner, precious metals strategist at Mitsubishi, the Japanese trading house. “At the moment gold is rising in dollars because people think the US is losing control.”
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