Commodities
Gold roared to an historic high above $955 an ounce on Wednesday after oil hit a record above $101 a barrel and the U.S. dollar tumbled against other currencies, lifting the metal’s safe-haven appeal…
“Gold seems to be reacting to the general weakness in the dollar and of course the fact that oil prices are now trading above $100 a barrel consistently,” said Darren Heathcote of Investec Australia in Sydney. Let’s just say $970 is not inconceivable. As I guess $1,000 is not inconceivable. There doesn’t seem to be much reason to sell gold,” he said.
Silver jumped as high as $19.02 an ounce, its best level in 27 years, as a weaker dollar spurred buying…