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Tuesday, December 28, 2010

Gold Prices Today Roar Back, Pushing Past $1,400

It's been a while since gold has made a move, but with the drop of the U.S. dollar today reminding investors of the precarious situation the economy is in and misguided policies of the Federal Reserve being the major culprit, gold prices today have soared past the $1,400 an ounce mark.

Strong Christmas sales also could be part of the story, as it appears there may have been less need to discount, which would have helped prices, but also reminding investors of the inflation beast waiting out there.

As of 12:00 PM EST, spot gold was up $20.90, reaching $14.05 an ounce. We'll see if there is the typical sell-off after noon as traders take some quick profits.

Gold for February delivery soared $18.30 to $1,400.70 an ounce at the Comex division of the New York Mercantile Exchange.

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