HOLLYWOOD, Fla. (TheStreet ) -- Gold prices closed at a record high Wednesday as silver trumped a 31-year high.
Gold for April delivery settled up $6.50 to $1,437.70 an ounce at the Comex division of the New York Mercantile Exchange. The gold price hit a record intra-day high of $1,441 an ounce and hit a low of $1,428.20. The spot gold price was up 30 cents, according to Kitco's gold index, after settling Tuesday at its own record of $1,433 an ounce.
Silver prices hit a high of $34.97 Wednesday and the May contract settled up 40 cents to $34.83.
The U.S. dollar index was down 0.46% to $76.64, which was lending support to the metals.
Federal Reserve chairman, Ben Bernanke, intimated in his testimony to the House Financial Services Committee Tuesday and Wednesday that he isn't ruling out a third round of quantitative easing, despite the fact that oil prices are surging and the employment landscape is slowly improving. The ADP employment report for February showed that the private sector added 217,000 jobs.
The Fed released its Beige Book this afternoon, an anecdote for the U.S. economy, saying that the U.S. continues to grow at a "modest to moderate pace" despite persistent unemployment. Interest rates are expected to still remain low for an extended period of time. Gold prices came off from their highs on the positive growth outlook, but acknowledgments that inflation was lurking and that businesses were passing along some of the higher costs, kept a firm floor under prices.
Many investors had been wondering if oil's recent rise over $100 a barrel would prompt the Fed to tighten the money supply to cool inflation. Bernanke's adherence to low rates, however, was a green light for precious metal traders who bought gold and silver as protection against a weaker dollar.
Unrest and violence in the Middle East showed no sign of slowing down as government troops in Libya regained control over a city in the mostly rebel-held Eastern half of the country. The worries that unrest could spread to bigger oil producers like Iran and Saudi Arabia were also keeping gold's safe haven identity alive.
*There is this wealth transfer occurring, better start for yourself pronto!
HYIPs Monitor Plan-2500% of your deposit in 2 days-Got $1,250,000 in 48 hours
ReplyDeleteFirst of all I think you must assume that all HYIPs (High Yield Investment Programs) are scams, they
are definitely ponzie schemes. They come and they go just like that. Dozens of them pop up everyday
ready to take your AdChoicesmoney and run. They promise high returns on your investment and fast
payment and you do get that for a while. They want to gain your trust. They want you to believe in them
so that you will invest even more money. Then when people start trusting that this is an honest HYIP
with an honest administrator and start investing higher amounts of money, that's when they grab the
money and run.
Now, with all that said I still believe you can make money with HYIPs. There are people out there that
are making money with them, it's all in how you play the game. I did HYIPs for a while and I made money
and lost money. I may even have lost more then I made. I Set up a HYIP MONITOR SITE.
LibertyReserveInvestmentHYIP.com-The Best High Yield Investment Programs Rating Service
100% honest and truthful HYIP monitor,an excellent Hyip Investment guide. The best Monitoring and
Rating Service. Independent rating of High Yield Investment Programs (hyips).You can choose Paying
HYIPs on my site LibertyReserveInvestmentHYIP.com
2500% of your deposit after 2 days
You don't know in which program to invest your money? We are the most reliable program in the world and
we guarantee you 100% of making a profit.
Our program is online for 3 years. All the investors who became our clients are satisfied and rich
thanks to us.
Our plans:
2000% of your deposit after 2 days, Min $50,000, Payments are send directly into your LR or PM account
Maximum deposit in our program is $300,000
All the payments are made to your account automatic.
You can deposit your money via Liberty Reserve and Perfectmoney.
Special Bonus for first 500 investor on 2011 year
Our min deposit increased to $50,000 on 2011,we will return 2500% of your deposit into your Liberty
Reserve or PerfectMoney account after 2 days.
For example You deposited $50,000 today, You will receive $1,250,000 after 2 days.
Our Hotmail: troomdu@hotmail.com
100% Insured Principal Investments! 100% Risk Free ,100% Money back Guaranteed
More Details
http://www.libertyreserveinvestmenthyip.com