May 12 (Bloomberg) -- Gold futures rose to a record for the second straight day as financial turmoil in Europe spurred demand for an alternative to currencies.
“Gold is expensive, but people in the euro zone are moving out of their currencies and forcing themselves into gold,” said Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago. “There’s a lot of fear on the part of the Europeans that moves to mitigate their debt crisis will only lead to more problems. People want to be in the currency of last resort.”
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