BULLION MORNING - Spot gold rockets after US credit downgrade, temporary consolidation possible
In the Carter recession gold hit about $800, or about $2200 after inflation adjustments are applied.
London 08/08/2011 - Gold prices soared in European trading on Monday morning, leaping past $1,700 to hit new all-time highs above $1,715 as a continued flight to quality following a US credit downgrade that also weighed on the dollar.
Spot gold rose as much as $52.70 or 3.2 percent to a lifetime peak of $1,715.60 per ounce at one stage and was last at $1,709.20/1,710.00, still up $46.30 or 2.8 percent. On the charts, the next resistance level stands at $1,715 and then $1,720, while support is pegged at $1,683.