November 8, 2010
Metals — precious and otherwise — soared Monday, propelled by fears of European debt defaults and inflation.
Gold closed at an all-time high of $1,403.20 an ounce on the New York Mercantile Exchange, up $5.50. Its gains powered other metals, too. Silver set a 30-year high as it rose 68 cents to $27.43 an ounce. Platinum gained $2.20, to $1,771.10.
Even lowly copper gleamed, rising less than a cent to $3.95 a pound on signs of increasing demand from emerging markets.
Gold and other precious metals rise when investors lose faith in paper currency. Much of gold's Monday gains stemmed from unease about government debt in Europe, particularly Ireland, says Bill Martin, portfolio manager of American Century Global Gold fund.
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