Print Story: Gold storms to new 25-yr high, silver surges on Yahoo! News

Print Story: Gold storms to new 25-yr high, silver surges on Yahoo! News: "Gold storms to new 25-yr high, silver surges By Chikafumi Hodo
Mon Apr 17, 3:10 AM ET


Gold surged to a new 25-year high on Monday, buoyed by concerns over Iran's nuclear ambitions and surges in oil prices, while silver powered to its highest since May 1983 on hopes for the first silver exchange-traded fund.
Hedge funds and operators investing in the short term were anxious about shifting their funds into gold and silver for the purpose to diversify and to raise higher returns.
Spot gold rose as high as $606.10 an ounce -- the highest since December 1980, while silver rose to $13.33 per ounce, its loftiest since May 1983.
Surges of gold and silver futures on the Tokyo Commodity Exchange spilled to bolster dollar-based spot prices as both London and New York markets were closed for Easter holidays on Friday.
'We all know both gold and silver prices are too high, but no long holders are willing to sell, while short holders were getting heavily squeezed,' said Takashi Ogura, risk management section manager at Kanetsu Asset Management.
'People don't want to go against the present bullish trend, so prices are surging,' Ogura added.
At 0633 GMT, gold was trading at $605.50/606.30, compared with Friday's late Asia level of around $599.30. It was at $596.10/596.90 in New York on Thursday.
New York metals futures markets will reopen on Monday, while London precious metals markets will be closed until Tuesday.
Key most-distant February contract on the Tokyo Commodity Exchange closed at 2,341 yen per gram, up 22 yen or 0.95 percent from Friday's close.
Gold was supported by bullish U.S. oil futures , w"