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* Q4 GDP data shows U.S. economy shrank less than expected
* Indian gold, euro-priced gold hit records
* Silver hits highest level since Oct 1
(Releads, updates prices, adds comment)
By Jan Harvey
LONDON, Jan 30 (Reuters) - Gold slipped from a three-month high on Friday after data showed the U.S. economy had contracted by less than expected in the fourth quarter, taking some of the heat out of safe-haven buying.
Spot gold climbed 2 percent to $926.90 an ounce, its highest since Oct 10. It was quoted at $918.90/920.90 an ounce at 1406 GMT, up from $906.75 in New York late on Thursday. In the immediate wake of the data it slipped to $916.60.
Gold priced in euros hit a record high of 720.53 euros.
"On first glance the (GDP) figures are generally good, so they should be negative for gold," Calyon analyst Robin Bhar said. "Growth is better than expected, but deflation is also stronger, so it is a bit of a double whammy for gold."
Originally posted by projectvxn
. Gold is climbing the charts like a British Rock Star due to very high demand. Governments are secretly leaving the dollar for gold as a hedge to inflation fears due to our Central Banks' lack of monetary responsibility. M1
I have been saying for a while that the Government of Saudi Arabia, China, Iran, and Russia are buying up American, European, Indian and Even Russian gold by the tens of tonnes and with their American dollar reserves. [...]
And with good reason, they want to get rid of the dollar before it goes bust and they're not about to tip off the public to their dealings