Gold Futures Soar to Record $1,684.70 An Ounce

Gold futures jumped to another record today, reaching as high as $1,684.70 in morning trading, as investors continue to pour their money into the safety of the yellow metal.

Gold futures for December delivery climbed $12.70, or 0.8 percent, to $1,679 at 10:29 A.M. on the Comex in New York after earlier reaching the record amount. This is the third day in a row gold has broken records.

The misguided actions of American politicians to raise the debt ceiling will increase the pace at which the U.S. dollar will eventually stop being the reserve currency of the world.

Even with the outrageous quantitative easing of the Federal Reserve and the Obama administration, the recession continues, no jobs have been created, and the value of the U.S. dollar continues to plunge. Gold will continue to rise in price under these conditions.

Gold miners, which have largely been lagging the upward price move of gold, show signs of beginning to be rewarded, as recent quarterly reports from Alamos Gold (TSX:AGI) and Yamana Gold (NYSE:AUY) seem to reveal that may be over. Most of this is in direct relationship to rising gold prices, as input costs have risen.

Even so, gold miners are getting punished today, as majors like Newmont Mining (NYSE:NEM), Goldcorp (NYSE:GG) and Barrick Gold (NYSE:ABX) are all trading down between 3 to 5 percent.