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Inflation concerns grow

Release Date: 
Tuesday, November 9, 2010

Gold hurtled to a record high on Tuesday on concerns about future inflation, Bloomberg reports.

Gold prices increased to $1,424 per troy ounce in New York. Before Tuesday, gold is up approximately twenty-eight percent for 2010, on route to its 10th straight year of gains. Gold prices were boosted by the U.S. central bank’s plan to purchase $600 billion in government assets as a method of aiding the slumping economy, which some believe will lead to future inflation.

Sovereign debt concerns in Ireland and Greece also pushed up the price of gold.

"Gold has now turned its eyes to the European sovereign debt situation," Frank McGhee, head dealer at Integrated Brokerage Services in Chicago, told Bloomberg. "It will continue to rally as a flight to quality."

This news article is independently provided by Brafton and does not represent the views or opinions of Goldline International, Inc. Although the information in this news alert has been obtained from sources believed to be reliable, Goldline does not guar­antee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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†This material has been prepared for private use. Although the information in this commentary has been obtained from sources believed to be reliable, Goldline does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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