Gold surges ahead and has its biggest gain of the year!
Park Avenue Numismatics, Miami Beach, FL-July 23, 2013 – Gold surges with its biggest gain of the year, fueled by demand from Asia and clarity from the Federal Reserve. Gold prices rose by more than 3 percent Monday. The move was driven by physical demand from Asia, as well as investors hoping that the Federal Reserve will continue its intervention in the U.S. economy. Gold for December rose $43.30 to close at $1,337.30 per ounce. Although the Federal easing programs are meant to boost the economy, they also make investors worry about inflation which pushes investors to buy gold as an hedge against inflation. The dollar fell against other major currencies and this also a catalyst to buy since gold is sold in dollars, a cheaper dollar makes gold less expensive as well. Silver, which tends to pace in the same direction as gold but is often more volatile, rose by an even bigger percentage. It jumped 5 percent, up $1.049 to $20.50 per ounce.