Investors are buying gold as the risk of a ‘credit event’ grows

From kitco.com

It’s no surprise that gold is trading above $3,100 an ounce as the global economy is running on fumes. And the precious metal has room to move higher as the quality of credit declines and deficits increase, according to one fund manager. “There are more and more people buying gold, not because they think prices are going to outperform the consumer price index, but because they think in a world where credit is being abused, you don't necessarily want to be a creditor,” said Keith Weiner, CEO and founder of Monetary Metals. Weiner’s comments come as spot gold prices trade above $3,100 after gaining roughly 20% ... (full story)