Gold Prices Reaching for New High Today

Gold prices today have soared on the news the so-called stress tests of the European banks probably didn't accurately portray the level of government debt they held.

In mid-day, gold for December delivery increased to $1,261.60. If it were to close at those levels, it would surpass the record high of $1,258.30 an ounce, set on the Comex division of the New York Mercantile Exchange in June, which was also the result of the ongoing sovereign debt crisis in Europe.

Gold prices have leveled as the trading session advanced, with spot gold standing at $1,256.80 an ounce as of 1:00 PM EDT, gaining $10.20.

Even if it gold prices don't reach record levels today, one more bit of news like this, or more accurate data as to the real level of the sovereign debt crisis, should push it up and beyond the former record.