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Alexkid

Gold hits a new high as Wall Street swings wildly
TALI ARBEL
(The Associated Press)



08:43:27PM (DST) Saturday,August 20,2011.

NEW YORK (AP) — Investors flocked to gold Friday, sending it to the latest of a series of records, as fears about recession in the world's major economies infected financial markets.

The metal soared as high as $1,881.40 an ounce. It's been on a tear this summer, rising more than 15 percent in August alone. In the same three weeks, the Standard & Poor's 500-stock index has fallen about 12 percent.

Gold logged its biggest weekly gain since February 2009, according to FactSet data.

As an investment, the metal has climbed because of investors' concern about the uncertain state of the global economy, diving stock markets and moves by central banks around the world to weaken their currencies.

Central banks in developing countries are also swapping out major currencies for gold in their reserves, driving up demand for the metal.

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Gold at this time seems to be the investment-of-the-year.

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