graph from goldprice.orgFrom The Independent:
Panicky investors drove the price of gold to an all-time high yesterday, amid renewed fears for the future of the European and US economies and rumours that European finance ministers are set to call yet another crisis meeting this Friday, presumably to coincide with what are expected to be disappointing results from so-called "stress tests" on the strength of leading Italian, French and German banks.
In America, the chair of the Federal Reserve, Ben Bernanke, hinted that he might launch a so-called "QE3" third round of quantitative easing – a further massive direct injection of money into the American economy on top of the $1 trillion expended to rescue its recovery. Meanwhile, ratings agency Moody's warned it may cut the US AAA debt rating because it is increasingly likely its debt ceiling will not be raised in time to avoid a default.......read on
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