Gold Targets $1600 Per Ounce – New Nominal Record, Silver Surges 9% in 24 Hours as Dollars Falls

Thursday, July 14, 2011
By Paul Martin

by Tyler Durden
ZeroHedge.com
07/14/2011

Gold has risen to new record nominal highs at $1,594.45 per ounce and silver has surged another 3% to over $39 per ounce after yesterday’s 6% rise. Today’s London AM Fix gold fix was $1,592.50 £987.54 and €1,119.04 – all of which are new record nominal highs.

European stock markets are lower after Asian equity markets were mixed overnight with the Nikkei falling 0.27%.

European debt markets are under pressure this morning with Spanish and Italian bond yields rising towards 6% again.

Ireland’s 10 year and 2 year yields spiked to new record highs at 14.13% and 20.9% prior to sharp falls which had the hallmarks of sovereign intervention – possibly the ECB or China.

The U.S. had its Aaa bond rating placed on review for possible downgrade by Moody’s which cited the “rising possibility” that the debt limit won’t be raised on a timely basis.

U.S. treasuries have also been sold this morning. Concerns that QE3 and the printing and electronic creation of hundreds of billions of dollars and Obama’s walkout from debt ceiling negotiations is not helping dollar and bond market jitters and has led to the record dollar gold price.

The Rest…HERE

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