Gold has had its largest one-day rally in four months to hit a all time intra-day high of US$1275 off the back off increasing weaker US$ and ongoing concerns over Euro zone sovereign debt.“After having reached a new record high price, gold seems to be reaching for the stars now,” MKS finance says. “Our eyes are on the $1,300 level, which we expect to see sooner than expected.” Silver, which has a role as both a monetary and industrial metal, also was supported by favorable economic news in China, comments from famed investor Warren Buffett that he does not see a double-dip recession, plus stronger-than-forecast U.S. retail sales. “Being in the precious metals group, it (silver) is used like gold as a safe-haven asset,” MKS says. And, “being part of the industrial metals group, silver attracts investors when risk appetite increases.”
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