The almighty asset of assets, gold, has once again shown power of self-fulfilling prophecies. As investors shy away from the stock market, gold has shown its power as the safe haven for timid investors.
As I wrote yesterday, DC’s gridlock coupled with other global uncertainties might mean that the year 2013 is the year of gold. If today’s gold surge is any indication, most analysts who predicted a rise in gold prices come next year have earned their paychecks.
As markets opened today, gold rose 0.4 percent to $1,663.77 an ounce by 8:48 a.m. in London. Gold for February delivery was 0.3 percent higher at $1,664.40 on the Comex in New York.