MAY 9, 2011, 9:09 A.M. ET
PRECIOUS METALS: Bargain Hunting Boosts Gold, Silver Futures
By Matt Whittaker, wsj.com
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Renewed worries about euro-zone sovereign debt nudged gold back above the key $1,500 level and pushed silver higher after last week's selloff provided what some see as potential bargains.
The most actively traded gold contract was recently up $12.30, or 0.8%, at $1,503.90 a troy ounce on the Comex division of the New York Mercantile Exchange. Nearby May gold was up $13.30, or 0.9%, at $1,504.50.
Gold had lost 4.8% last week through Thursday before stronger U.S. nonfarm payrolls renewed concerns that rising consumer and producer prices are in the offing amid easy monetary policy. Gold and silver are considered hedges against inflation.
Meanwhile, rising trading deposit requirements, known as margins, had forced investors to flee silver, which lost 27% last week.
"Silver had dropped so violently," said Sterling Smith, an analyst with Country Hedging. "We're seeing a little more bargain hunting coming into silver"
The article continues: http://online.wsj.com/article/BT-CO-20110509-708571.html
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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