Gold gets its name in the record books again with a push above $2,950

Earlier this morning, when gold was trading around $2,945 and had prior to that set a new all time high above $2,947, the prospect of the metal rising above $2,950 was highlighted. The odds of that happening looked short and no surprise to see; subsequent to that update, the metal did push above $2,950 for the first time ever. Gold lifted to set a new all time high, at $2,954.37. It has backed away from that record now though and perhaps that is not too much of a surprise seeing as the USD/JPY has rebounded somewhat from its earlier lows. At this stage the drop back below $2,950 looks based on little more than interim profit-taking. We shall have to see how that plays out after the European stock markets reopen shortly and whether or not there is another push on the topside for Gold. The metal is trading right now at $2,948.85