Bring On the Dancing Gold Bugs


Ben Bernanke might not be sweating inflation fears, but the markets are. Amid a weakened dollar in the U.S. and an expected interest-rate hike from the European Central Bank, gold prices rose to $1,458 an ounce — an all-time high. Inflation woes also helped silver prices surge to a 31-year high for a third consecutive day. In case you’re wondering whether inflation — or Bernanke’s dovish attitude toward it — are at all correlated to the return of the gold bug, Angelos Damaskos, a fund manager at Sector Investment Managers told CNBC, “It is unquestionable that the demand for precious metals derives from the devaluation of the leading currencies — the dollar, the pound, and the euro.” Well, either inflation or “people believe the world will end when the Mayan calendar is set to end on Dec. 21, 2012.” Either way.

Gold Settles at Record High Above $1,458 [CNBC]
End of the World Fears Help Fuel Gold Rush [CNBC]