Gold’s Weekly Win Streak Hits 7 on Way to New Highs

Gold futures capped off their seventh straight weekly advance with another record-setting performance on Friday.

COMEX gold futures, per the December contract, settled higher by $30.20, or 1.7%, at $1,852.20 per ounce.  Early this morning, gold futures reached a new all-time record high of $1,881.40 per ounce.

For the week, the yellow metal climbed 6.4%.  In doing so, gold extended its weekly win streak to seven – the longest stretch since April 2007.  Year-to-date, the price of gold is now higher by 30.3% and on pace for its 11th consecutive annual advance.

Tom Pawlicki, an analyst with MF Global said in a Bloomberg interview that “Lack of confidence in the global economy is pushing people towards gold.  Gold will continue to advance unless leaders are able to resolve the European or U.S. debt crisis.”

Not to be outdone, silver futures posted a weekly gain of 8.4%.  COMEX silver futures, per the September contract, finished higher on Friday by $1.74, or 4.3%, at $42.43 per ounce.

This marked the highest level for gold’s sister precious metal since May 3rd of this year, and extended silver’s year-to-date return to 37.1%.

Other metals were mixed this week, with copper falling 0.7% to $3.98 per pound, palladium rising 0.1% to $748.80 per ounce, and platinum rallying 4.3% to $1,874.90 per ounce.