It was triggered by the dollar, the yen, and of course the idea of 70 crude. (Higher) oil didn't help the stock market, so investors were looking for another place to put their money and they seem to be looking at the metals.
More Quotes from George Gero:
There doesn't seem to be an end to the reasons why people want to keep moving into the gold.George Gero
Funds are buying gold because they notice the decoupling from the euro and the decoupling from the energy market.
George Gero
There also is a lot of option-related buying because everything is in the money now.
George Gero
The large funds are long metals of every class and there's been general selling today, which touched off stop-loss orders below the market.
George Gero
There are many upward pressures on gold that continue to take it higher, like the deficit, the weakness of the dollar and additional Iran threats. The path of least resistance is up.
George Gero
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