The south-coast dealer put this down to a number of factors coinciding to push up the value of all precious metals.
The United States’ balance of payments deficit is continuing to encourage investors to turn to hard stock rather than dollars. Meanwhile, Far Eastern countries such as China – traditional buyers of more stable assets like gold and silver on the international markets – are now also purchasing metals for industrial use. This has created a run on all types of metal stocks. Added to this is the high oil price which the metal prices traditionally follow.
Gold hits a 17-year high as precious metals rise
GOLD hit a 17-year high of £268.81 per 24 carat troy ounce as ATG went to press, Michael Bloomstein of Brighton reported.
