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Gold tops $1600

Gold rallied to fresh historic highs yet again this afternoon, reaching US$1,603 per ounce as traders bought the metal to protect wealth amid economic uncertainty in Europe and the US.
Contrary to expectations, Friday’s results of the latest stress test of European banks failed to provide enough clarity on the health of the European banking system.The European Banking Authority said that of the 91 banks included in the study, just eight failed the test and needed to raise €2.5 billion to withstand another debt crisis.At the same time it’s good time to sell gold as you can get more cash for your gold today.

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