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Gold hits three-month high on economic concerns

While the price of gold has been somewhat ignored over the last few months, the price of the precious metal hit a three-month high yesterday amid concerns about European economies and the strength of the worldwide economic recovery. Historically gold has been something of a safe haven in troubled times and the increase in the price of gold would seem to indicate growing fears within the investment community about the short to medium-term economic outlook.

There is no doubt that the Greek debacle, which continues today, has hit investor confidence in Europe and around the world and there are concerns that if the economy does collapse we could see something of a domino effect across Europe with Spain, Portugal and Ireland known to be in fiscal trouble. Despite the fact that a bailout proposal was put forward by the European Union and the International Monetary Fund, this was rejected by the Greek authorities and we are effectively back to square one.

A number of experts believe that the price of gold could spiral higher in the short term as investors look for potential safe havens in what could be rocky short-term times ahead. Investing in the current environment is proving very difficult to say the least!

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