Gold futures hit a record for the third time this week, as investors sought safe havens, and silver futures rose to the highest closing price since 1980, reports
Year to date, gold has gained 17%, and silver 24 % percent.
Gold futures for December delivery moved up to $3.70, or 0.3%, to close at $1,277.50 an ounce at 1:45 p.m. on the Comex in New York; earlier in the day, the metal reached a record $1,284.40.
Silver futures for December delivery increased 4.5 cents, or 0.2%, to settle at $20.816 an ounce, the highest closing price for a most-active contract since Oct. 16, 1980, Bloomberg says. Earlier on Friday, the price reached a 30-month intraday high of $21.025.
George Soros told Reuters Wednesday that, despite setting records this week, gold prices . Still, he repeated a warning he originally issued at Davos in January: Gold is “the ultimate bubble.”
ABN Amro analysts noted this week that “some bearish sentiment is beginning to creep in,” reports a contributor to Futures.
“The London daily pm fix gold price averaged $1,194/oz in Q2 2010, while the average gold production cash cost was about $560/oz, resulting in a margin of over $600/oz.,” ABN Amro said in a report. “And since the start of 2008, gold has outperformed other major asset classes, appreciating by 49%, while equity markets and some other key commodities, notably oil, remain in negative territory over the same period. For the price to rally much further, the market may well require a large shock.”
The global holdingsof gold by exchange-traded products (ETPs), they reached a record 2,081.38 metric tons on September 1 and were little changed yesterday at 2,077.9 tons, according to data from 10 providers collected by Bloomberg.
Global silver ETP assets were unchanged at 13,211.9 tons yesterday, the highest level in at least seven months, data from four providers showed.
The SPDR Gold Shares ETF (GLD) closed on Friday at $124.54, down 0.07% from Thursday on trading of 11.8 million shares. Its 52-week trading range is about $97-$125.
The iShares Silver Trust ETF (SLV) ended Friday at $20.29, down 0.30% from Thursday, as 11.15 million shares traded hands. Its 52-week trading range is roughly $14-$20.