Gold breaks above $4,700

Gold has climbed above $4,700 per ounce for the first time in more than three months.
The move comes as investors continue focusing on U.S. debt, currency weakness, geopolitical risk, and the broader hard-asset trade.
When confidence in sovereign debt or fiat currencies weakens, gold tends to benefit from its role as a reserve asset outside the traditional financial system.
For $GLD, the breakout suggests demand for debasement protection is strengthening again.