Historically a safe hedge against market volatility, Gold continued its unlikely climb into the price stratosphere. The global financial community has been dealt blow after blow, last year North America, this year Greece, and possibly next year Spain if not sooner. It all translates into upward trending of gold and gold derivative prices.
The largest groups of gold buyers last quarter were firms and high net worth individuals in Europe who have watched their worth plummet with the Euro. They have bought the precious metal heavily and continue to do so. Prior to the Europe crisis when gold was trading between $1,000 and $1,100 per ounce, the street was warning that a correction was likely due to overvaluing. That risk is currently limited as countries around the world boost their gold reserves to hedge against their own inflation and asset bubble risks.
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