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Friday, September 17, 2010

Gold Prices Today Hit Another Record as Rally Continues

Gold prices today surged to another record, as mixed economic data, European sovereign debt, and probably most importantly, fears over a return to quantitative easing by the Federal Reserve, continue to drive the gold price up.

In the middle of the trading session gold futures December delivery moved as high as $1,284.40 an ounce, surpassing the previous intraday record of $1,279.50 an ounce and the record close of $1,273.80 an ounce, both of which happened on Thursday.

While much of this is credited to the lack of governments around the world being able to do anything about it, it's also increasingly related to the fact that a growing number of people believe governments should quit interfering with economies and let the free market sort it out.

With the November meeting of the Federal Open Market Committee expected to result in some comment on quantitative easing, investors are flooding to gold, as each time the idea is put forth, gold prices are strengthened, as when actions are taken it'll continue to debase currencies around the world, especially the U.S. dollar.

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