After pausing for breath late last month, gold has taken off again over the past few days, approaching $990 an ounce early this week before dropping back to around $960 as traders took profits; it then headed up to a new record over $990. And the long-term bull run looks far from over.
Last week's tumble in the greenback was prompted by Fed chairman Ben Bernanke's evident intention to cut rates further despite high inflation. His desperate dash for growth at the expense of higher prices means "investors are being handed engraved invitations to protect their wealth by getting into the prime inflation hedges: precious metals", says Chris Weber on Kitco.com.
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