Gold Consolidates, Silver Hits New 30-Year High

(Kitco News) – Comex gold futures are little changed in Thursday morning New York action, as the market consolidates above the $1,400.00 per ounce level for the third session in a row. Silver futures pushed to a fresh 30-year high in early New York trading.

The metals markets remain well bid heading into year-end as they continue to offer traders a safe-haven against uncertainty regarding the health of the euro-zone, the pace of recovery in the U.S. and amid the U.S. Federal Reserve’s massive on-going policy of monetary accommodation.

February Comex gold last traded down $0.90 at $1,412.60 an ounce. Spot gold last traded up 0.14 at $1411.78.

In the wake of spot gold’s nearly 30% gains in 2010, many major investment houses remain bullish on the metals into 2011, with upside targets for gold above $1,500 per ounce in the year ahead. Silver continues to climb higher, with support from both the precious and industrial metals angle, as it is viewed as a less expensive alternative to the yellow metal.

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