Gold Remains Near Record Highs in Yen

Mark O’Byrne submits: Gold: Concerns that the US economy is sliding back into recession has led to equities internationally coming under pressure and further flows into safe-haven assets. Gold and silver have consolidated from last week’s gains and remain near closing levels from yesterday and last week. The yen – a preferred carry trade at times of financial stress – rose back to a 15-year high against the dollar as doubts remain about Japan’s attempt to weaken the currency. Interestingly, despite the yen’s recent strength, gold remains near multiyear record highs in the Japanese currency (see chart). Gold is currently trading at $1,233.70/oz, €972.03/oz,