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Tuesday, June 01, 2010 at 01:15pm

June 1, 2010, Los Angeles – The price of Gold moved higher on thin trading Monday as the U.S. celebrated the Memorial Day holiday. The euro extended its loss against the dollar to six straight months on Monday while investors expressed concerns that the global economic recovery could be slowed by Europe's belt tightening measures.

Fitch Rating lowered Spain's credit rating from AAA to AA+ on Friday adding further pressure to the euro. Banque de France Governor Christian Noyer said the credit rating companies are aggravating the region’s credit crisis by failing to provide timely risk assessments of governmental credit health.

“The fact that these decisions were taken at a certain point of time under the stress of markets seems to show that credit rating agencies are simply not giving information to markets but taking information from markets,” Noyer said. “They are not sending the signals at certain points of time when it should be warranted and sending it when it’s too late and increasing the problems.”

Noyer calls the untimely downgrades an “enormous problem” in the European debt crisis. The safe haven appeal of Gold bullion has been bolstered recently by concerns that more euro zone member countries may need assistance in repaying their debt.

Gold bullion prices reached an all-time high in May and ended the month higher by 3 per cent. India is once again the largest Gold market having overtaken China in the first three months of 2010. Indians spent $6.9 billion to buy 193.5 tons of Gold in the first quarter, whereas, China purchased only 132 tons in the same period.

The statistics suggest that both India and China are becoming accustomed to the higher Gold bullion prices. Don't purchase paper assets when you can hold physical Gold bullion. Protect your wealth by purchasing Gold coins and Gold bars, today.