Investors flee equities, go for gold
by Brian Turner
Gold prices continue to climb as investors flee stock markets for safer havens to protect against inflation.
Opening at $960.66 per troy ounce, gold is now trading above a record-breaking $970.
The price of gold has now almost doubled over the past two years.
With stock markets bearish, investor sentiment is directed to safer investments based on gold, bonds, and cash.
So long as the financial services sector remains exposed to subprime debt, retailers suffered from a slowdown in consumer spending, and materials face economic downturn, there remains little to inspire investors into equities.
Profit warnings are already up significantly this year, and a raft of economic data released later this week by the US government is likely to show continued problems for the US economy.
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