Gold Spikes On Dollar and Stock Weakness
As we end the week gold has spiked nearly $30 over the past 24 hours, nearly breaking the $1,300 barrier. Gold first crossed the $1,300 level in September of 2010, when the markets will still in the shadow of the 2008 global financial crises. On the week, gold has surged $63, much of it to do with events overseas. First, the Bank of Japan went against market expectations and chose not to expand beyond current levels of stimulus spending, and then the following day the People's Bank of China fixed the yuan at a very strong level. Both actions sent equity markets into turmoil and shot precious metals higher.