Although stock futures edged upwards in Tuesday trading, equities were overshadowed by a new record high in gold futures. Spot gold hit $1,272.20 per troy ounce – an increase of $27.10 – and gold futures for December delivery gained $27.30 to trade at $1,274.30 per troy ounce.
Rising stocks indicate optimism in the global economy, while the surge in gold – an increase of more than 2 percent – seems to signal fear. Silver and copper futures got dragged up in the bull market as well – silver for November delivery gained 34.3 cents to $20.48 per troy ounce, while copper futures rose 35 cents to $3.4826 per pound.
"People are flocking to gold out of pure confusion," Matthew Zeman, a metal trader in Chicago, told Bloomberg News. "People would rather play safe than sorry and go for gold as an insurance policy amid this mixed data on the economy."
Some investors see inflation down the road, as low interest rates and government spending increase the possibility that the dollar will lose value. Other commodity futures traders may simply be riding the golden
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