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This demonstrates gold's ability to protect investors from crises that debase their own currency, but not those of other sovereign issuers."
"German investors have not been put off by the all-time high expensiveness of gold in Euro-terms," reports Wolfgang Wrzesniok-Rossbach from Hanau-based refinery group Heraeus.
"The Greek financial crisis continues to drive investors here to the yellow metal."
Industrial demand, in contrast, "has shown a slight reduction in demand – current price levels appear to be simply too high," says Wrzesniok-Rossbach.
"Even at record prices of almost €865 an ounce" however, scrap-gold flows into the refinery "have slowed down in recent days," he adds.
Over in the credit-insurance market, the cost of protecting Portuguese government bonds also slipped back on Friday – together with Greek credit-default swaps – from yesterday's new record highs.
"The market believes that Greece will be forced to restructure its debt," says Simon Derrick at Bank of New York Mellon in London, and "The logic of such a situation for [Greek bond] investors is also simple enough:
"There is no last mover advantage in such a circumstance.
"We also note outflows just starting to build from Portuguese debt in recent days," Derrick is quoted by the FT's Alpha blog, "although they are still relatively modest."
Precious-metals analyst Walter de Wet at Standard Bank also notes fears of Euro-debt contagion today, writing "We doubt [the Greek rescue] would be enough to lift concerns over sovereign debt levels in certain European countries."
Even though the physical market is currently "quiet and directionless", de Wet reports, "Underlying uncertainty should continue to support gold."
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