By S. Nicholas
Gold climbed further on Tuesday to hit a new all-time high above USD1500 an ounce, benefiting as a safe haven from economic uncertainty in Europe and the US. Fears are mounting that Greece will have to restructure its debt, maybe as early as this summer. Additionally, on Monday, gold futures rose after news of Standard and Poor’s revised credit outlook of the United States from stable to negative.
“There is gaining evidence that the governments are not gaining control of spending and the monetization of debt is in full force. The world is starting to look more critically at
these things … which are becoming real issues,” commented Robert Lutts, chief investment officer of Cabot Money Management, a wealth manager with $500 million in client assets.
U.S. gold futures with June expiry settled up USD2.20 at USD1,495.10, having earlier hit a record $1,500.50 an ounce. Spot gold beat yesterday’s all-time high of USD1,497.54 to peak at USD1,495.19 in the late US trading session on Tuesday.