From The Sydney Morning Hearld:Gold surged the most since March 2009, reaching a record closing price, after the Federal Reserve said it will buy more debt, driving the dollar lower and boosting demand for precious metals as alternative investments.
Gold settled at $US1383.10 an ounce, the highest ever, as the US dollar fell to the lowest level in almost 11 months against a basket of major currencies. The Fed yesterday said it will buy an additional $US600 billion of Treasuries through June to spur growth. Gold futures are up 26 per cent this year.
"The Fed aims to weaken the dollar and create inflation," said Peter Schiff, the president of Euro Pacific Capital in Westport, Connecticut. "Gold and non-dollar investments should benefit from their efforts.".......read on
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