Gold Prices Today Up on Korean Military Tensions

Military tension between North and South Korea have pushed up the price of gold today, as gold futures on the Comex division of the New York Mercantile Exchange increased by $16.40, or 1.2%, to $1,374.40 an ounce.

It underscores the skittishness of investors in volatile times, as the bailout of Ireland revealed and the news Greece may still be hiding the depth of its deficit problem.

The European Union sovereign debt crisis is worsened by the fact there is little to trust in assertions made by many political leaders who are under enormous pressure domestically, having made promises they aren't able to meet, as socialism always results in.

They've also created a culture of entitlement, which those receiving the entitlements rise up in anger over when they're cut back because there has never been the money to pay for them.

For gold, these and many other factors like the quantitative easing put into play again by the Federal Reserve will support gold for some time to come.

The fall in value of the euro against the U.S. dollar is all that has been keeping gold from skyrocketing even further.

Spot gold was trading at $1,377.90 an ounce, up by $11.50.