Tuesday, September 14, 2010

Gold Prices Today Explode to Record High on Weak Economic News

The price of gold today exploded to another record high as weak economic news out of Europe reinforced the extremely fragile and weak global economy.

Another factor may have been the weaker U.S. dollar, but the hype of a global recovery after a couple of reports focused on by mainstream media wasn't believed, and the pent-up fears and concerns are pouring out toward gold again; primarily being driven by that.

Gold prices soared to a record high on the New York Mercantile Exchange, reaching $1273.40 on a gain of $25.90 for December delivery.

Most gold miners moved up with the price surge, including majors like Goldcorp (NYSE:GG), Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM) and Kinross Gold (NYSE:KGC).

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