GOLD TOUCHES NEW HIGH FOR THE MONTH

Gold is bullish Friday, at one point touching a high of $1181 (NYMXE) as buyers continue to acquire the metal as a safety net against ballooning European debt. Gold is up nearly 7% for the month of April and bulls are hopeful gold will soon surpass $1200 an ounce. (Alix Steel, The Street, April 30, 2010) Concerns continue of a global currency devaluation. "Gold looks set to be driven by further safe-haven investment demand," says James Moore, analyst at thebulliondesk.com in his daily metals report, "[Gold] is on course to challenge $1200 with the 6-tonne increase in SPDR holdings yesterday a clear indication of the concern investors have towards the European debt situation and its impact of Euro zone economic recovery." Silver prices are continuing to rise Friday as well (NYMXE as of 7:30a PDT).

According to a report on CNN, the International Monetary Fund and European Union are demanding further austerity measures from Greece as the price for a bailout.

Crude oil is slightly up from Thursday's close of $85 a barrel. Chevron Corp announced Friday its first-quarter profits more than doubled as oil prices soared this year.

Stocks are slightly down Friday (as of 7:30a PDT) despite positive data on GDP and manufacturing as concerns linger over the Greek debt crisis and reports that Goldman Sachs is facing a criminal probe. The Commerce Department reported Friday the economy grew at a 3.2% annual rate in the first quarter; however, it was short of the 3.3% economists were predicting.

Returning to metals, last month's report from the Bank for International Settlements (BIS) stated frankly, "Since the start of the financial crisis, industrial country public debt levels have increased dramatically. And they are set to continue rising for the foreseeable future." The report concludes, "Looming long-term fiscal imbalances pose significant risk to the prospects for future monetary stability...unstable debt dynamics could lead to higher inflation: direct debt monetization, and the temptation to reduce the real value of government debt through higher inflation."

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