Certified Gold Flexes Wings Posted by James Randolph on April 12, 2010
April 12, 2010 – Certified gold flexed its wings over the weekend, soaring to a record height of $1162.40 Friday last week. The number, the highest since end-December, left $1104 behind some distance of $58.40 away.
Also left behind were the previous day’s sales of $1156.40 an ounce by $6 and the end-quarter sales of $1126.10 by $36.30.
Certified gold made its run amidst some dramatic developments happening around the world.
There were reports that an agreement on a rescue package had been reached among high finance official of the 16-member European Union in their meeting in Brussels last week. Details of the terms were, however, not revealed.
The Greek rescue news immediately energized the Euro. The Euro gained by 0.8% last Friday on the dollar.
In China, the Commerce Ministry reported a trade deficit in the month of March, the first in six years. The deficit was $7.24 billion down from a surplus of $7.61 billion in February. This development is expected by some sectors to complicate the US-China negotiation on the devaluation of the Yuan. It had been reported that China would use the recent trade deficit as an argument against the devaluation of the Yuan.
At home in the US, stocks were on the rise. The Dow Jones average hit momentarily the 11,000 mark before settling down at 10,997.35 up 0.64%, its highest in 18 months. Nasdaq had 2,454.05, up 0.71%; and S&P 500 also increased to 1,194.37, up ).67%. Some 162,000 new jobs were added last week, but unemployment figures remained at 9.7%. A troubling report spoiled this bright scenario that the city of Los Angeles was now closer to bankruptcy.
Senior Staff Writer – Certified Gold Exchange