By Debbie Carlson
June 29, 2012
Gold prices are rising on the news out of the EU Summit that has produced some progress on the sovereign debt problems plaguing the eurozone, says George Gero, vice president, global futures, RBC Capital Markets and precious metals strategist. Investors are taking advantage of the recent drop in prices to rebuild bullish positions, he says, adding that brokers with bearish positions are buying back those previously sold trades, boosting prices. “Buy stops (in gold) elected at $1,570 (are) adding to momentum,” Gero says. At 9:22 a.m. EDT, August gold futures at the Comex division of the New York Mercantile Exchange is up $44.80 an ounce to $1,595.20.