Gold and Silver Price Update – Spiraling US and European Debt Pushes Gold Above $ 1500

Gold topped USD $ 1500 an ounce, after increasing debt in the US and the European Union was the major reason which increased the precious metal’s demand during the week.

Standard & Poor revised its outlook on its AAA rating for the US from “stable” to negative two days ago. Also, yields on two-year bonds in Greece crossed 20 percent. Furthermore, the US Dollar has depreciated in value against a basket of currencies by 7.6 percent over the past one year.

The revising of the outlook from Standard & Poor, coupled with continuing unrest in the Middle East, concerns about the flagging European Economy, and Japan still reeling from last month’s earthquake, gold continues to remain an attractive investment for investors to hedge their investments in such a turbulent time.