Wednesday, July 05, 2006

Gold Price Moves from Low of $567 in June to Current Highs as Investors Look for Safe Investment over North Korea’s Missile Testing

Gold Price Moves from Low of $567 in June to Current Highs as Investors Look for Safe Investment over North Korea’s Missile Testing
Gold and Precious Metals Regain Investor's Favor with Recent Trends
POINT ROBERTS, WA, Delta B.C. – July 5, 2006 – (GMS), and an investor and industry portal for the gold and mining sector reports on gold’s 30 day trading range with a low of $567 on June 20th, reaching a one-month high today of $630.50 as safe-haven buying surges on fears over North Korea’s missile testing. As gold trends back towards its 30 day highs, investors are watching individual stocks that have had impressive gains over the past week.
The testing conducted by North Korea entailed the launching of seven missiles, one of which (Taepodong-2)has the long range capability of reaching the United States, unnerving investors and placing pressure on the equities market as investments into gold increased.
According to Press Secretary Tony Snow, “In doing this, the North Koreans have once again isolated themselves. They have defied their neighbors who urged them not to have a launch. White House Press Secretary Tony Snow said in a statement. The South Koreans, the Japanese and the Chinese all have asked them not to do it. The United States now will work with the other parties in the six-party talks to figure out the appropriate way to move forward.”
While the long-range missile launch failed, the geopolitical uncertainty remains a major factor driving investors towards gold.
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