Tuesday, September 28, 2010

Gold Prices Today Soar to Record High

Gold prices today surged to another record high, as gold futures for December delivery increased by $10.20 to $1,308.80 an ounce in early trading. That breaks last weeks record of $1,302.30 an ounce

At 1:00 PM EDT, spot gold had risen $14.80 to $1,309.40 an ounce, also a record.

While gold usually moves up on economic bad news, when it retains support in the face of good economic news, you know it has legs, and that continues to be the case.

The numerous fundamentals remain in place for the economy, inflation, safety, protecting assets, weak U.S. dollar, debt, low interest rates, quantitative easing, and the sovereign debt crisis in Europe, which encourage the upward move of gold.

Not one of those are going to be changing any time soon, and in some cases, if not all, will continue to get worse, other than interest rates, which are about as low as they can go.

Enjoy the ongoing gold bull market. Until there is real economic recovery, lowered debt and higher interest rates, nothing is going to change this.

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