Gold prices continued to climb on Black Friday, reaching $1750 at the close. Silver prices are also edging higher on fears that a dysfunctional US Congress will not be able to reach a compromise and avert the fiscal cliff crisis.
Some of the increase in gold prices can be attributed to the debasement of the dollar by Federal Reserve policy advocating a zero interest rate and easy money, which misallocates capital and in doing so reduces its value. Additional demand is also responsible for some of the increase in value.
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Institutional investors are choosing gold more frequently than in years past and this demand also fuels the increase in gold prices.