Gold Futures Prices, Spot Gold Soar as Investors Seek Safety

Gold futures and spot gold broke records again, this time with gold for December delivery settling at $1,403.20 an ounce at the Comex division of the New York Mercantile Exchange.

Spot gold rose to as high as $1,407.20, and was trading at $1,410.20 after hours.

Investors fled to safety on the heels of the out-of-control Federal Reserve and Ben Bernanke, which have announced another round of quantitative easing to the tune of $600 billion, disrupting a number of markets, including Forex.

Gold ignored the temporary strengthening of the US dollar, as it has at certain times throughout the gold bull market because of forces overcoming the usual inverse relationship the two have.

One major factor, again, has been the incredibly weak and threatened economic condition of Europe, which financial outlets continue to ignore, as far as the threat goes.

Every time the threat emerges, the media seems to surround the wagons and make it look like it's just another glitch the EU is experiencing, when in fact nothing has improved, and the sovereign debt risk in Europe remains extraordinary, whether media wants to admit it or not.

Other than a few ignorant cheerleaders, the latest move by Bernanke is considered an economic disaster, and places the global economy, not just the American economy, at extreme risk.

Gold will continue to benefit greatly from these and other suppport mechanisms, and no matter what type of temporary correction comes along the way, will continue to move up in price for some time to come.