Barrick (ABX) (AZK) (GRS) (AU) Close Mixed Thursday as Gold Prices Break New Record

Gold futures hit another record high on Thursday, as gold gold for June delivery settled up $4.90 at $1,503.80 an ounce on the Comex. That was a new settlement high. The contract also reached an intraday high at $1,509.60 an ounce earlier in the day. Gold miners Aurizon Mines (AMEX:AZK), Barrick Gold (NYSE:ABX), Gammon Gold (NYSE:GRS) and AngloGold Ashanti (NYSE:AU) closed mixed Thursday asr most have been running up with the breaking of gold price records on a daily basis recently.

Silver settled at a 31-year high just over $46 an ounce. The most active Thursday silver contract, for May delivery, settled at a record $46.059 a troy ounce, up $1.598 or $3.6 percent.

The front-month contract, for April delivery, settled up $1.597, or 3.4 percent, at $46.062 a troy ounce, a 31-year high. Silver is quickly approaching its record high of $50.36 an ounce, set in 1980.

A collapsing U.S. dollar continues to be a major part of the gold and silver price story, as the U.S. government refuses to cut spending and limit its size, while the Federal Reserve endlessly has its digital printing presses running, pushing down the value of the greenback.

The dollar index .DXY fell 0.4 percent to 74.092 after falling to 73.735, its lowest level since August 2008.

Other important factors include tightening in China, sovereign debt crisis in Europe, sovereign debt crisis in America, unrest in the Middle East, deepening inflation and impact of the Japanese earthquake.

The weak U.S. dollar and inflation concerns increased the attraction of gold. Spot gold XAU= hit a record high at $1,508.75 before cutting gains, while spot silver XAG= jumped to a 31-year high at $46.68 an ounce.

Spot gold prices rose during the first quarter from $1,380 an ounce on January 3 to $1,430 on March 31.

AngloGold Ashanti closed Thursday at $49.98, jumping $0.24, or 0.48 percent. Gammon Gold ended the day at $10.78, closing level with the prior trading day. Barrick Gold closed at $55.63, rising $0.82, or 1.50 percent. Aurizon Mines ended the session at $6.76, up $0.08, or 1.17 percent.

Goldcorp (GG) (NCMGY) (GSS) (ANV) Close Up Thursday as Gold Prices Break New Record

Gold futures hit another record high on Thursday, as gold gold for June delivery settled up $4.90 at $1,503.80 an ounce on the Comex. That was a new settlement high. The contract also reached an intraday high at $1,509.60 an ounce earlier in the day. Gold miners Golden Star Resources (AMEX:GSS), Allied Nevada Gold (AMEX:ANV), Goldcorp (NYSE:GG) and Newcrest Mining (OTC:NCMGY.PK) closed up Thursday after most have been running up with the breaking of gold price records on a daily basis recently.

Silver settled at a 31-year high just over $46 an ounce. The most active Thursday silver contract, for May delivery, settled at a record $46.059 a troy ounce, up $1.598 or $3.6 percent.

The front-month contract, for April delivery, settled up $1.597, or 3.4 percent, at $46.062 a troy ounce, a 31-year high. Silver is quickly approaching its record high fo $50.36 an ounce, set in 1980.

A collapsing U.S. dollar continues to be a major part of the gold and silver price story, as the U.S. government refuses to cut spending and limit its size, while the Federal Reserve endlessly has its digital printing presses running, pushing down the value of the greenback.

The dollar index .DXY fell 0.4 percent to 74.092 after falling to 73.735, its lowest level since August 2008.

Other important factors include tightening in China, sovereign debt crisis in Europe, sovereign debt crisis in America, unrest in the Middle East, deepening inflation and impact of the Japanese earthquake.

The weak U.S. dollar and inflation concerns increased the attraction of gold. Spot gold XAU= hit a record high at $1,508.75 before cutting gains, while spot silver XAG= jumped to a 31-year high at $46.68 an ounce.

Spot gold prices rose during the first quarter from $1,380 an ounce on January 3 to $1,430 on March 31.

Newcrest Mining closed Thursday at $45.78, jumping $1.14, or 2.55 percent. Goldcorp ended the day at $55.67, gaining $0.74, or 1.35 percent. Allied Nevada Gold closed at $40.12, rising $0.34, or 0.85 percent. Golden Star Resources ended the session at $3.10, up $0.11, or 3.68 percent.

Ivanhoe (IVN) (SA) (RGLD) (KGC) Close Mixed Thursday as Gold Prices Break New Record

Gold futures hit another record high on Thursday, as gold gold for June delivery settled up $4.90 at $1,503.80 an ounce on the Comex. That was a new settlement high. The contract also reached an intraday high at $1,509.60 an ounce earlier in the day. Gold miners Seabridge Gold (Amex:SA), Royal Gold (Nasdaq:RGLD), Ivanhoe Mines Ltd. (NYSE:IVN) and Kinross Gold Corp (NYSE:KGC) closed mixed Thursday after most have been running up with the breaking of gold price records on a daily basis recently.

Silver settled at a 31-year high just over $46 an ounce. The most active Thursday silver contract, for May delivery, settled at a record $46.059 a troy ounce, up $1.598 or $3.6 percent.

The front-month contract, for April delivery, settled up $1.597, or 3.4 percent, at $46.062 a troy ounce, a 31-year high. Silver is quickly approaching its record high fo $50.36 an ounce, set in 1980.

A collapsing U.S. dollar continues to be a major part of the gold and silver price story, as the U.S. government refuses to cut spending and limit its size, while the Federal Reserve endlessly has its digital printing presses running, pushing down the value of the greenback.

The dollar index .DXY fell 0.4 percent to 74.092 after falling to 73.735, its lowest level since August 2008.

Other important factors include tightening in China, sovereign debt crisis in Europe, sovereign debt crisis in America, unrest in the Middle East, deepening inflation and impact of the Japanese earthquake.

The weak U.S. dollar and inflation concerns increased the attraction of gold. Spot gold XAU= hit a record high at $1,508.75 before cutting gains, while spot silver XAG= jumped to a 31-year high at $46.68 an ounce.

Spot gold prices rose during the first quarter from $1,380 an ounce on January 3 to $1,430 on March 31.

Kinross Gold Corp. closed Thursday at $15.35, dropping $0.02, or 0.13 percent. Ivanhoe Mines Ltd. ended the day at $26.66, gaining $0.42, or 1.60 percent. Royal Gold closed at $60.20, rising $1.87, or 3.21 percent. Seabridge Gold ended the session at $33.62, falling $0.17, or 0.50 percent.

Gold Breaks $1,500 as Gammon (GRS) (ABX) (NCMGY) (AU) Close Up

After blowing past the $1,500 an ounce mark on Tuesday, gold prices settled just under the important psychological barrier at $1,495.10, as gold miners Gammon Gold (NYSE:GRS), Barrick Gold (NYSE:ABX), Newcrest Mining (OTC:NCMGY.PK) and AngloGold Ashanti (NYSE:AU) closed up on the day.

Gold prices settled just below $1,500 an ounce after hitting that level earlier Tuesday's session, helped by a weaker dollar.

The gold contract for June delivery rose $2.20 to settle at $1,495.10 an ounce, shy of its all-time and daily high of $1,500.50 an ounce. Spot gold prices dropped 50 cents, to close at $1,495.90 an ounce.

Silver prices for May delivery climbed almost a dollar to settle at $43.91.

Most of this is based upon the collapsing U.S. dollar, which pulled back again today, the tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, inflation concerns and consequences of the Japanese earthquake.

Add to that the warning from rating agency S&P that the U.S. could have its debt downgraded if it doesn't deal with the growing debt crisis and you have a weak macroeconomic outlook favoring gold and other commodities.

AngloGold Ashanti closed Tuesday at $49.02, gaining $0.52, or 1.07 percent. Newcrest Mining ended the session at $43.35, up $0.20, or 0.46 percent. Barrick Gold closed at $54.23, rising $0.76, or 1.42 percent. Gammon Gold closed the day at $10.47, rising $0.13, or 1.26 percent.

Gold, Silver Up as ETFs (GLD) (GDX) (SLV) SIL) Close Up or Level

Silver prices moved up with gold, reaching another 31-year high as gold blew past the $1,500 an ounce mark on Tuesday for the first time. SPDR Gold Trust ETF (GLD), Market Vectors Gold Miners ETF (GDX), iShares Silver Trust ETF (SLV) and Global X Silver Miners ETF (SIL) closed up or level on the day.

The gold contract for June delivery rose $2.20 to settle at $1,495.10 an ounce, shy of its all-time and daily high of $1,500.50 an ounce. Spot gold prices dropped 50 cents, to close at $1,495.90 an ounce.

Silver prices for May delivery climbed almost a dollar to settle at $43.91, adding 96 cents, another 31-year high.

Most of this is based upon the collapsing U.S. dollar, which pulled back again today, the tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, inflation concerns and consequences of the Japanese earthquake. Silver is used by some investors as a gold alternative when gold price rise to high levels as they now are.

The warning from rating agency S&P that the U.S. may have its debt downgraded if it doesn't deal with the risky debt crisis and you have a weak macroeconomic outlook favoring silver, gold and other commodities.

Global X Silver Miners ETF closed Tuesday at $28.73, gaining $0.50, or 1.77 percent. iShares Silver Trust ETF ended the session at $43.00, gaining $0.58, or 1.37 percent. Market Vectors Gold Miners ETF closed at $61.64, up $0.81, or 1.33 percent. SPDR Gold Trust ETF closed the day level at $145.93.

Silver Pushing $44 as Silver Wheaton (SLW) (ISVLF) (GPL) (CDE) Close Mixed

Silver prices moved up with gold, reaching another 31-year high as gold blew past the $1,500 an ounce mark on Tuesday. Silver Wheaton (NYSE:SLW), Impact Silver (OTC:ISVLF.PK), Great Panther (AMEX:GPL) and Coeur d'Alene Mines (NYSE:CDE) closed mixed on the day.

Silver prices for May delivery climbed almost a dollar to settle at $43.91, adding 96 cents, another 31-year high.

The gold contract for June delivery rose $2.20 to settle at $1,495.10 an ounce, shy of its all-time and daily high of $1,500.50 an ounce. Spot gold prices dropped 50 cents, to close at $1,495.90 an ounce.

Most of this is based upon the collapsing U.S. dollar, which pulled back again today, the tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, inflation concerns and consequences of the Japanese earthquake. Silver is used by some investors as a gold alternative when gold price rise to high levels as they now are.

The warning from rating agency S&P that the U.S. may have its debt downgraded if it doesn't deal with the risky debt crisis and you have a weak macroeconomic outlook favoring silver, gold and other commodities.

Silver Wheaton closed Tuesday at $42.87, gaining $1.28, or 3.08 percent. Impact Silver ended the session at $2.42, down $0.05, or 2.02 percent. Great Panther closed at $4.00, losing $0.01, or 0.25 percent. Coeur d'Alene Mines closed the day at $31.11, gaining $0.48, or 1.57 percent.

Barrick (ABX) (GSS) (IAG) (GRS) Close Mixed Even as Gold Prices Soar to Record High Again

While gold prices reached new all-time highs on Monday, that wasn't the direction for gold miners Golden Star Resources (AMEX:GSS), IAMGOLD Corporation (NYSE:IAG), Gammon Gold (NYSE:GRS) and Barrick Gold (NYSE:ABX), which all closed mixed on the day.

Spot gold jumped as high as $1,497.20 an ounce Monday after Standard & Poor’s downgraded its credit outlook for the United States, revealing the risks associated with its own sovereign debt crisis.

U.S. gold futures for June delivery settled up $6.90 an ounce at $1,492.90.

The sovereign debt crisis in Europe continues to boost gold as well, as the euro and U.S. dollar continue to face pressures on out-of-control government spending and refusal to make meaningful spending cuts.

Global inflation and unrest in the Middle East also continue to be major factors in the gold price equation.

As to why most gold miners have been pulling back, a lot of that is based on the fact the majority of the miners are based in Canada, and so the weaker U.S. dollar as it relates to the Canadian dollar is a major factor a lot of investors in gold companies don't take into account.

Barrick Gold closed Monday at $53.47, gaining $0.14, or 0.26 percent. Gammon Gold closed at $10.34, dropping $0.03, or 0.29 percent. Allied IAMGOLD Corporation ended the day at $20.03, down $0.04, or 0.20 percent. Golden Star Resources closed at $3.00, losing $0.02, or 0.66 percent.

Goldcorp (GG) (ANV) (AU) (KGC) Close Down Even as Gold Prices Soar to Record High Again

While gold prices reached new all-time highs on Monday, that wasn't the direction for gold miners Goldcorp (GG), Allied Nevada Gold (AMEX:ANV), AngloGold Ashanti (NYSE:AU) and Kinross Gold Corp (NYSE:KGC), which all closed down on the day.

Spot gold jumped as high as $1,497.20 an ounce Monday after Standard & Poor’s downgraded its credit outlook for the United States, revealing the risks associated with its own sovereign debt crisis.

U.S. gold futures for June delivery settled up $6.90 an ounce at $1,492.90.

The sovereign debt crisis in Europe continues to boost gold as well, as the euro and U.S. dollar continue to face pressures on out-of-control government spending and refusal to make meaningful spending cuts.

Global inflation and unrest in the Middle East also continue to be major factors in the gold price equation.

As to why gold miners have been pulling back, a lot of that is based on the fact the majority of the miners are based in Canada, and so the weaker U.S. dollar as it relates to the Canadian dollar is a major factor a lot of investors in gold companies don't take into account.

Goldcorp closed Monday at $53.72, falling $0.46, or 0.85 percent. AngloGold Ashanti closed at $48.50, dropping $0.80, or 1.62 percent. Allied Nevada Gold ended the day at $37.57, down $1.54, or 3.94 percent. Kinross closed at $15.22, losing $0.45, or 2.87 percent.

Diversifieds BHP (BHP) (VALE) (RIO) (TCK) (FCX) Trade Mixed

Shares of diversified miners such as BHP Billiton (NYSE:BHP), Rio Tinto (NYSE:RIO), Vale SA (NYSE:VALE), Teck Resources (NYSE:TCK) and Freeport-McMoran (NYSE:FCX) were trading mixed Thursday, metals prices moved in various directions.

In base metals trading, May copper dropped 1.05 cents to settle at $4.284 a pound, July platinum increased $18.40 to $1,795.60 an ounce and June palladium was up $8.95 to $774.25 an ounce. May copper fell 1.05 cents to settle at $4.284 a pound.

Iron ore demand is expected to remain tight over the medium term, and over the long term should jump in response to the rebuilding needs coming from the consequences of the earthquake in Japan.

Gold for June delivery rose $16.80 to settle at $1,472.40 an ounce on the Comex division of the New York Mercantile Exchange.

Spot gold was up 1.4 percent to $1,474.30 an ounce, closing in on its record $1,476.21 set on Monday. Silver rose $1.427, or 3.6 percent, to $41.66 an ounce.

The collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, increasing inflation and consequences of the Japanese earthquake are just some of the negative catalysts affecting the price movements.

The U.S. dollar was close to session lows, resulting in a further impetus to gold. The U.S. currency traded as low as 74.617, its lowest level since December 2009.

Teck Resources closed Thursday at $52.30, falling $0.59, or 1.12 percent. Rio Tinto closed at $71.70, up $0.04, or 0.06 percent. Vale SA ended the day at $32.65, up $0.64, or 2.01 percent. BHP Billiton closed at $100.42, rising $0.17, or 0.17 percent. Freeport-McMoran closed at $51.93, dropping $0.38, or 0.73 percent.

IAMGOLD (IAG) (ANV) (EGO) (NXG) Close Up as Gold, Silver Rise Again

Shares of most gold miners were up as gold rose again Thursday, with Allied Nevada Gold (AMEX:ANV), IAMGOLD Corporation (NYSE:IAG), Eldorado Gold Corporation (NYSE:EGO) and Northgate Minerals (AMEX:NXG) trading higher.

Gold for June delivery rose $16.80 to settle at $1,472.40 an ounce on the Comex division of the New York Mercantile Exchange. Silver climbed $1.427, or 3.6 percent, to $41.664 an ounce.

Spot gold was up 1.4 percent to $1,474.30 an ounce, closing in on its record $1,476.21 set on Monday.

The collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, increasing inflation and consequences of the Japanese earthquake are just some of the negative catalysts affecting the price movements.

The U.S. dollar was close to session lows, resulting in a further impetus to gold. The U.S. currency traded as low as 74.617, its lowest level since December 2009.

In base metals trading, May copper dropped 1.05 cents to settle at $4.284 a pound, July platinum increased $18.40 to $1,795.60 an ounce and June palladium was up $8.95 to $774.25 an ounce. May copper fell 1.05 cents to settle at $4.284 a pound

Northgate Minerals closed Thursday at $2.87, gaining $0.11, or 3.99 percent. Eldorado Gold Corporation closed at $17.88, rising $0.22, or 1.25 percent. IAMGOLD Corporation ended the session at $21.92, up $0.42, or 1.95 percent. Allied Nevada Gold closed at $39.37, rising $1.50, or 3.96 percent.

SPDR Gold Trust (GLD) Hits Record High

SPDR Gold Trust (NYSEArca:GLD) soared to over $140 as gold bullion closed at $1438 after soaring to $1442, and will continue to rise as investors attempt to protect themselves. Silver actually hit a new 35-year peak at $37.19, and getting closer to the $40-$50 goal we set last fall.

Gold is no longer just a hedge against QE2 and inflation– or a hedge against deflation. Or a hedge against a declining dollar. Today, gold has become an expression of the instability spreading from Tunisia to Egypt to Libya to Syria, to Yemen, to Saudi Arabia, to Iran, to Bahrain– and those street dissensions to come, conceivably in Kuwait, UAE, and elsewhere. Oil supplies are threatened. Buy gold and silver.

You don’t believe? Look at a chart of gold against silver. They are moving in absolute tandem now. Any Sheikh trying to preserve his fortune must own gold and silver.

In the US the price of GLD, the largest gold ETF, hit a peak of $140 and looks set to breakthrough that mark tomorrow or the next day. Let’s see if net selling turns into net buying.

SPDR Gold Trust closed Wednesday at $140.34, rising $1.29, or 0.93 percent.




Source

NovaGold (EGO), Gammon Gold (GRS), Brigus (BRD) Skyrocket on Record Gold Prices

Shares of NovaGold (AMEX:EGO), Gammon Gold (NYSE:GRS), Brigus (AMEX:BRD) all shot up Tuesday as gold prices surged to record highs.

Gold ultimately settled at an all-time high of $1,431.20 an ounce, and jumping even more after the settlement on Tuesday. Spot gold was at $1,433.20, gaining $22 an ounce after hours.

Investors are again migrating to gold and gold miners, as safety is again on their radar, with ongoing uncertainty surrounding the Middle East weighs on the market.

Add to that the clueless Ben Bernanke saying he's not concerned about inflation, and it creates a strong environment for investing in gold.

Gammon Gold closed Tuesday at $9.16, up $0.30, or 3.39 percent. Novagold closed at $14.35, gaining $0.66, or 4.82 percent. Brigus surged to close at $1.85, rising $0.24, or 14.91 percent.

Gold Prices Today Soar to Record $1,435.60 An Ounce

Gold is back as continuing unrest in Libya has caused investors once again to seek safety in the yellow metal, as gold prices today rose to a record $1,435.60 an ounce.

Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said, “The continued violence in the Middle East is bringing in new buyers and spurring gold to new territory. The rush to economic health is fading. Crude above $100 is an energy tax that will force governments to put more money into the system. Our old fear of stagflation returns.”

Gold futures for April delivery climbed to an all-time high after the close of trading on the Comex in New York. The metal had settled up $21.30, or 1.5 percent, at $1.431.20 at 1:49 p.m. The former intraday record high was $1,432.50 on December 7.

Gold for immediate delivery jumped as much as 1.7 percent to a record $1,434.93. The gold price increased 1.6 percent to $1,434.27 at 4:01 PM EST.

Spot gold was up to $1,433.80 an ounce at markets closed, a gain of $22.60.

Hecla Mining (HL), Goldcorp (GG), Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners (GDXJ) All Up

Miners Hecla Mining (HL), Goldcorp (GG) are moving up today, as well as Market Vectors Gold Miners ETF (GDX) and the Market Vectors Junior Gold Miners (GDXJ), which are all jumping.

Gold futures were down slightly in New York in morning trading with contracts for April delivery at $1,405.60 an ounce. Spot gold was up $3.90 to $1406 an ounce as of 1:16 PM EST.

While a number of analysts believe there has been some downward pressure on the sector because of profit taking and what some assume are better alternatives at this time, there are just as many that see mixed signals and enormous uncertainty in the Middle East, sovereign debt crisis in Europe and soaring inflation as just as powerful factors in determing where capital will flow.

NovaGold (AMEX:NG) Soars as Spot Gold Jumps

If NovaGold Resources (AMEX:NG) could be thought of as a short-term bellwether in the mining sector, their performance Wednesday shows the pent-up demand waiting for gold miners, as gold investors wait on the sidelines ready for an excuse to pounce again with gold prices start moving up.

NovaGold finished Wednesday just shy of a 7 percent gain, rising $0.90, or 6.99 percent. Spot gold prices were up over $13 an ounce on the day, and rising after hours.

This doesn't mean it's necessarily time to get back into gold mining stocks, or gold in general, it just points out the fact that tension is building in the market and any excuse to pour back into gold should give it another huge push upwards in price, benefiting a large number of companies with significant exposure to the yellow metal.

Even so, as far as NovaGold goes, that doesn't even count their heavy exposure to copper, which many think will go up in price even more than gold in 2011, although in a much more volatile performance, as silver usually reacts.

Yamana Gold (NYSE:AUY), NovaGold Resources (AMEX:NG), Royal Gold (Nasdaq:RGLD), Allied Nevada Gold (AMEX:ANV) in 2010

In this batch of gold companies, it's more mixed than some of the others, as two closed out Friday down and the other two ended positive. They are Yamana Gold (NYSE:AUY), NovaGold Resources (AMEX:NG), Royal Gold (Nasdaq:RGLD) and Allied Nevada Gold (AMEX:ANV). We'll look at how they did overall in 2010.

Spot gold and gold futures ended the year with a bang, as spot gold soared to over $1,420 an ounce.

Yamana Gold ended the year at $12.80, gaining $0.11 on December 31, up 0.87 percent. The company had a 52-week trading range of $9.16 to $13.123. They ended the year with a market cap of $9.49 billion. Yamana continues to frustrate true believers, who continue to think it's vastly undervalued and one of the gold miners expected to break out, but never seems to do it.

NovaGold Resources closed the year out at $14.27, losing $0.11 on the last trading day, down 0.76 percent. The trading range for 2010 was from $4.96 to $16.90. They ended the year with a market cap of $3.22 billion.

Royal Gold, a precious metals royalty company, finished off the year at $54.63, rising $0.23 on Friday, a gain of 0.42 percent. The 2010 trading range for them was $41.19 to $55.22. They closed off the year with a market cap of $3.02 billion.

Allied Nevada Gold ended 2010 at $26.31, losing $0.02 on the final trading day of the year, down 0..08 percent. Their range for the year was $11.57 to $26.79, reaching the top end of the range on December 31. Their market cap heading into 2011 is $2.34 billion.

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.

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.

Gold Prices Today: How Low Will They Go?

We are definitely in the midst of the long-anticipated gold price correction, as gold prices today have plummeted in futures and spot gold.

Gold for December delivery was falling by $31.60 to $1,333.90 an ounce at the Comex division of the New York Mercantile Exchange. Spot gold was down by $26.40 to $1,334.10 an ounce.

With some Asian countries thought to be poised to raise interest rates, concerns it could expand to a number of countries has gold investors on edge.

Today South Korea raised their interest rates, which has been the impetus behind the quick drop in the price of gold.

The U.S. dollar index was also up, rising by $0.79, to reach $79.14. The euro continues its plunge against the U.S. dollar, going down to $1.35 against the greenback.

Even though China was the country most believed would raise their interest rates first, the Bank of Korea did it first, raising rates 25 basis points to 2.50 percent. All of this was precipitated by the consumer price index of China rising to 4.4 percent, which was higher than expected, generating the interest rate speculation and probability.

Rising interest rates work to rein in inflation, which is one of the key purposes of holding gold. The more countries raise interest rates, the more possibility gold prices will continue to have downward pressure on them; at least for the short term.

While inflation is one of the factors, there are many other support mechanisms in place for gold prices, and once the euro/U.S. dollar reverse direction, we'll probably see gold do the same, although announcements from other Asian countries they're going to raise interest rates will cause a more volatile gold market.

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.