Gold is the preferred “coin of the realm” during Europe’s sovereign-debt crisis as investors seek to protect themselves from a weakening euro, said Dennis Gartman, an economist and the editor of the Gartman Letter.
Gold denominated in euros reached a record 1,087.81 euros an ounce today, data compiled by Bloomberg show. Bullion denominated in dollars would have to advance about another 3.3 percent to reach the all-time high of $1,577.57 reached May 2. The euro slumped 5.2 percent against the dollar since then.
