From Bloomberg:Gold futures rose the most this month as grain and energy prices surged, boosting the appeal of the precious metal as a hedge against inflation. Silver jumped almost 4 percent.
The Thomson Reuters/Jefferies CRB Index of 19 raw materials gained as much as 2.6 percent. Global food costs are close to the highest ever, according to the United Nations, and crude oil topped $100 a barrel today. Analysts surveyed by Germany’s Ifo research institute raised their 2011 global inflation forecast to 3.8 percent from 3.4 percent.
“The risk appetite is coming back to commodities across the board,” said Adam Klopfenstein, a senior strategist at Lind-Waldock, a broker in Chicago. “There are still a lot of strong economies that want to buy commodities. Anytime you see a pullback, people will come in and buy gold to hedge against inflation and diversify away from the dollar.”.......read on
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