Gold taps more records, nears $1,225
Gold futures climbed to more record levels in electronic trading Thursday in Asia, edging closer to $1,225 an ounce as investment demand continued to strengthen. "Gold continues to defy gravity and for good reasons: The shift out of fiat currency such as the dollar is happening at a swifter pace than most imagined it would," said Kevin Kerr, president of Kerr Trading International. "We are hearing rumors that Germany will be coming in soon to purchase gold, and while China is talking about gold being in a bubble, they are most likely getting ready to increase their reserves from their tiny 2% of reserves to at least 4% in gold," he said. Gold for December delivery climbed as high as $1,224.70 an ounce on Globex, yet another fresh record. It was up $11.50 at $1,223.50 by the early afternoon in Tokyo.