States Looking to Gold, Silver as New Currencies

With the Ben Bernanke and the Federal Reserve out of control, and Obama spending taxpayers money at unprecedented rates, a number of states are looking to silver and gold as options for a competing currency.

Utah has already implemented such a program in March 2011, now recognizing any gold and silver coin issued by a mint in the United States as legal tender.

The law includes a provision for the coins used in Utah to be viewed the same as the U.S. dollar, which means there is no capital gains tax on the metal coins.

As for the printing of paper money, that is forbidden by the Constitution in regard to states, although they do have the power to create "gold and silver Coin a Tender in Payment of Debts."

Interestingly, local communities are legally empowered to have their own paper currencies, with the caveat that they aren't confused with the look of the U.S. dollar.

Of course creating a paper currency without anything backing in is just as bad at any government level, as the Federal Reserve's assault on the U.S. dollar has proven. The dollar has dropped 95 percent value since the creation of the Fed.

How Utah is doing it via its Utah Gold & Silver Depository, is it's developing a systme which links gold or silver holdings of people to a debit card created for that purpose. So when they use the card, money is moved back and forth between accounts in private depositories created for that purpose. That's similar to how it's done now when countries sell gold, except on a much smaller basis.

At this time, 13 states have proposals to issue alternative currencies.

Ron Paul has sponsored a bill called the "Free Competition in Currency Act," which would give states power to create their own currencies.

Alcoa (AA), Caterpillar (CAT) Push Dow Up

After solid reports from the Chicago purchasing managers' index and factory orders, shares of Alcoa (NYSE:AA) and Caterpillar (NYSE:CAT) helped push the Dow up, as it moved slightly into positive territory on the year.

In early trading the S&P 500 (SPX) climbed 10 points, or 0.9%; and the Nasdaq Composite (COMP) was up 21 points, or 0.8%.

On Friday the August report for jobs will be released, with expectations of the economy adding about 80,000 new jobs. The unemployment rate should remain at 9.1 percent.

It also appears there will be another round of quantitative easing, with the question apparently only what form it'll take, not if it'll be implemented. That will put downward pressure on the U.S. dollar and push gold and other commodities up.

Alcoa was trading at $12.77, up $0.41, or 3.32 percent, as of 11:59 AM EDT. Caterpillar was at $91.70, jumping $1.87, or 2.08 percent.

AAA Credit Rating of U.S. Slashed by Standard & Poor's

In an unprecedented move, Standard & Poor's slashed the AAA credit rating of the United States from AAA to AA-plus.

The refusal by the government to cut spending was citing as the reasoning behind the decision, which had been expected for some time.

While Obama touted and signed the deficit reduction bill recently, it was all smoke and mirrors, as the cuts were fake, only targeting additional spending that hasn't been implemented yet.

So when the legislation was signed, the appearance of $2.1 trillion in cuts over 10 years was only an illusion, as it relates to existing debt - because the cuts are for future spending - not current spending.

The S&P said they were looking for a minimum of $4 trillion in savings as the starting point to getting America's financial house in order.

Now U.S. Treasuries are considered to be less safe than countries like Canada, Germany, France and the United Kingdom.

The eventual fallout will be the boost in costs associated with borrowing. Not only for the government of the U.S., but for businesses and consumers as well.

Also of note will be the response of China and other countries holding significant amount of U.S. debt, which remains under a negative outlook from S&P, meaning there could be another downgrade within 12 to 18 months.

That would definitely be interesting as the presidential election approaches.

As usual, the Obama administration is trying to demonize what it perceives as its opponents, castigating S&P's research, saying their numbers are off by trillions. No Mr. President, it's your debt imposed on the U.S. people that is too high by trillions.

Gold could get a nice bump from this as the U.S. dollar should come under short-term pressure.

Barrick (ABX) (AZK) (GSS) (RGLD) (GRS) Trade Mixed As Gold Drops

Gold and silver prices went through a reversal Friday as gold closed down and silver rebounded to close higher, putting pressure on gold miners such as Barrick Gold (NYSE:ABX), Aurizon Mines (AMEX:AZK), Golden Star Resources (AMEX:GSS), Royal Gold (Nasdaq:RGLD) and Gammon Gold (NYSE:GRS) - which closed mixed - and gold ETFS.

Gold for June delivery fell $13.10 to close at $1,493.60 at the Comex division of the New York Mercantile Exchange. The spot gold price was down by about $13 an ounce. Silver prices settled up 21 cents to $35.01 an ounce.

The U.S. dollar index was up 0.74 percent to $75.75 as the euro continued to get hammered on the sovereign debt crises in Europe. The euro plunged 1.7 percent last week as Greece was again in the spotlight for the need to probably be bailed out again, as it appears the country refuses to implement austerity measures to deal with the situation, as it, along with numerous countries, has made progressive, socialists promises they aren't able to keep.

Besides the long-term collapse of the U.S. dollar and the European sovereign debt crises, other factors offering support to gold include tightening in China, inflation, and unrest in the middle east.

Barrick closed Friday at $45.01, down $0.14, or 0.31 percent.

Pain for (MVG) (FVITF) (CDE) (PAAS) (AXU) As Silver Plummets

Shares of silver miners Mag Silver Corporation (AMEX:MVG), Fortuna (OTC:FVITF), Coeur d'Alene Mines (NYSE:CDE), Pan American Silver (NASDAQ:PAAS) and Alexco Resource (AMEX: AXU) were punished again as silver prices fell in Tuesday trading.

Silver plunged another $3.49 Tuesday to settle at $42.576 per troy ounce on the Comex division of the Nymex. In after hours trading the price almost dropped below $40 an ounce.

Much of this has been the result of he decision by the CME Group to raise margin requirements by 11.6 percent, starting at the close of market on Tuesday.

To buy a 5,000 ounce contract, silver traders will now have to put up $16,200.

Leverage traders slashed their silver positions over the last couple of days, driving the price of silver down. Expectations are silver could bottom out as about $38 if there's more leverage leaving the market.

Other than some speculation, other reasons for the boost in silver prices include the collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake. India also raised its interest rates unexpectedly on Tuesday, putting some downward pressure on gold and silver as well.

Pan American Silver closed Tuesday at $33.83, falling $0.67, or 1.94 percent.

Correction for (NXG) (NEM) (AUY) (HMY) (KGC) as Gold Prices Fall

Shares of gold miners like Northgate Minerals (AMEX:NXG), Newmont Mining (NYSE:NEM), Yamana Gold (NYSE:AUY), Harmony Gold Mining (NYSE:HMY) and Kinross Gold Corp (NYSE:KGC) were suffering Tuesday as the price of gold dropped on the session, as the U.S. dollar gained a little.

Gold for June delivery fell $16.70 to $1,540.40 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded in a range as high as $1,551.40 and as low as $1,516.20. The spot gold price fell over $15 for the day.

A temporarily stronger U.S. dollar put some pressure on gold and silver prices Tuesday, as the U.S. dollar index climbed 0.04 percent to $73.09.

Also surprising the market was the decision by India to boost their interest rates by 50 basis points to fight inflation. That puts the lending rate their at 8.89 percent, and the overnight lending rate at 7.25 percent.

Silver fell another $3.49 Tuesday to settle at $42.576 per troy ounce on the Comex division of the Nymex.

Most of pressure on silver prices has come from the CME Group decision to raise margin requirements by 11.6 percent, starting at the close of market on Tuesday.

Gold looks like it's just taking a needed breather before resuming its upward run.

Gold stocks have been overall lagging the price of gold, and that should change assuming the costs of inputs remain lower than the push up in gold prices.

A growing number of gold miners are increasing dividends to attract investors.

Harmony Gold Mining (HMY) closed at $14.57, falling $0.62, or 4.08 percent.

Eldorado (EGO) (NXG) (RGLD) (NCMGY) Close Down as Gold Breaks Another All-Time Record

Gold and silver prices are continuing their upward move, even as gold miners Northgate Minerals (AMEX:NXG), Eldorado Gold Corporation (NYSE:EGO), Royal Gold (Nasdaq:RGLD) and Newcrest Mining (OTC:NCMGY.PK) all closed down, as investors took some profits as the yellow metal continued its upward run.

Gold closed at a new high, jumping $5.30 to settle at $1,509.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold had ended the session above $1,500 for the first time last Thursday.

Today's Gold trading had the Globex June Gold contract trading at $1519.20 before a profit taking sell-off mid to latter part of the trading session.

Silver prices soared to a 31-year high again, settling at $47.15, up $1.09 for the day, or 2.4 percent. April silver futures in New York traded as high as $49.10 an ounce but dropped to close at $47.15 mark.

The more active May silver contract soared just shy of the $50 level, trading as high as $49.82 before falling back.

An incredible number of silver and gold contracts were sold Monday, reaching 109,000 for gold and 199,000 for silver. Silver prices were volatile, moving in a $4.18 range.

The majority of this is based upon the collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake.

The DXY index of the U.S. dollar's value against a basket six other major currencies dropped 0.2 percent to 73.99, its lowest level since August 2008. It's down 6.4 percent so far in 2011.

Goldcorp (GG) (SA) (UXG) (AEM) Close Down as Gold Breaks Another All-Time Record

Gold and silver prices are continuing their upward move, even as gold miners Goldcorp (NYSE:GG), Seabridge Gold (Amex:SA), US Gold (AMEX:UXG) and Agnico-Eagle (TSE:AEM)(NYSE:AEM) all closed down, as it appears investors took some profits as the yellow metal continues its upwards run.

Gold closed at a new high, jumping $5.30 to settle at $1,509.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold had ended the session above $1,500 for the first time last Thursday.

Today's Gold trading had the Globex June Gold contract trading at $1519.20 before a profit taking sell-off mid to latter part of the trading session.

Silver prices soared to a 31-year high again, settling at $47.15, up $1.09 for the day, or 2.4 percent. April silver futures in New York traded as high as $49.10 an ounce but dropped to close at $47.15 mark.

The more active May silver contract soared just shy of the $50 level, trading as high as $49.82 before falling back.

An incredible number of silver and gold contracts were sold Monday, reaching 109,000 for gold and 199,000 for silver. Silver prices were volatile, moving in a $4.18 range.

The majority of this is based upon the collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake.

The DXY index of the U.S. dollar's value against a basket six other major currencies dropped 0.2 percent to 73.99, its lowest level since August 2008. It's down 6.4 percent so far in 2011.

Harmony (HMY) (UXG) (EGO) (AEM) 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 Eldorado Gold (NYSE:EGO), US Gold (AMEX:UXG), Agnico-Eagle (NYSE:AEM) and Harmony Gold Mining (NYSE:HMY) closed mixed Thursday as 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.

Agnico-Eagle closed Thursday at $68.03, jumping $0.59, or 0.87 percent. Eldorado Gold Corporation ended the day at $18.06, climbing $0.02, or 0.11 percent. US Gold closed at $9.51, falling $0.07, or 0.73 percent. Harmony Gold Mining ended the session at $15.42, up $0.407, or 2.66 percent.

Randgold (GOLD) (NG) (IAG) Close Mixed as Gold Breaks Record Again

NovaGold Resources Inc. (AMEX:NG), IAMGOLD Corporation (NYSE:IAG) and Randgold (NASDAQ:GOLD) closed mixed Wednesday as gold continues to break records on a daily basis recently.

Gold prices roared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.

Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Randgold closed Wednesday at $86.90, gaining $1.58, or 1.85 percent. IAMGOLD Corporation closed at $20.08, falling $0.61, or 2.95 percent. NovaGold Resources Inc. ended the trading session at $13.59, rising $0.41, or 3.11 percent.

Ultra Silver (AGQ) (ZSL) (GLD) (GDX) Close Mixed as Gold, Silver Soar Again

ProShares UltraShort Silver (NYSE:ZSL), ProShares Ultra Silver (NYSE:AGQ), iShares Gold Trust (NYSE:GLD) and Market Vectors Gold Miners ETF (NYSEArca:GDX) closed mixed Wednesday as silver continues its upward climb and gold to break records on almost a daily basis.

After surpassing the $45 level Wednesday, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record. Silver traded between $43.835 and $45.400.

Gold prices roared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

Gold and silver prices continue to surge on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index fell 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of the outlook of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Market Vectors Gold Miners ETF closed Wednesday at $62.10, up $0.46, or 0.75 percent. iShares Gold Trust closed at $146.50, gaining $0.57, or 0.39 percent. ProShares Ultra Silver ended the trading day at $37.63, jumping $15.44, or 5.06 percent. ProShares UltraShort Silver closed at $15.78, falling $0.89, or 5.34 percent.

Gammon (GRS) (HMY) (NXG) (TRE) Close Up as Gold Breaks Record Again

Harmony Gold Mining (NYSE:HMY), Gammon Gold (NYSE:GRS) Tanzanian Royalty Exploration (AMEX:TRE) and Northgate Minerals (AMEX:NXG) closed Up on Wednesday as gold continues to break records on a daily basis recently.

Gold prices soared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery in at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.

Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Northgate Minerals closed Wednesday at $2.88, gaining $0.01, or 0.35 percent. Tanzanian Royalty Exploration closed at $6.32, up $0.02, or 0.32 percent. Gammon Gold ended the trading session at $10.78, rising $0.31, or 2.96 percent. Harmony Gold Mining closed at $15.02, jumping $0.24, or 1.62 percent.

Barrick (ABX) (AZK) (RGLD) (JAG) Close Up as Gold Breaks Record Again

Aurizon Mines (AMEX:AZK), Jaguar Mining (NYSE:JAG), Royal Gold (Nasdaq:RGLD) and Barrick Gold (NYSE:ABX) closed Up on Wednesday as gold continues to break records on a daily basis recently.

Gold prices soared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery in at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.

Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Barrick Gold closed Wednesday at $54.81, gaining $0.58, or 1.07 percent. Royal Gold closed at $58.33, up $1.87, or 3.31 percent. Jaguar Mining ended the trading session at $5.90, rising $0.44, or 8.06 percent. Aurizon Mines closed at $6.84, jumping $0.21, or 3.17 percent.

Alexco Resource (AXU) (PAAS) (CDE) (AG) Close Up as Silver Jumps Again

Alexco Resource (AMEX:AXU), Pan American Silver (NASDAQ:PAAS), Coeur d'Alene Mines (NYSE:CDE) and First Majestic (NYSE:AG) closed up Wednesday as silver continues its upward climb gold to break records on almost a daily basis.

After surpassing the $45 level Wednesday, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record. Silver traded between $43.835 and $45.400.

Gold prices roared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

Gold and silver prices continue to surge on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index fell 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of the outlook of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

First Majestic closed Wednesday at $23.70, up $0.94, or 4.13 percent. Coeur d'Alene Mines closed at $31.61, gaining $0.50, or 1.61 percent. Pan American Silver ended the trading day at $37.63, jumping $1.10, or 3.01 percent. Alexco Resource closed at $9.96, up $0.39, or 4.08 percent.

Goldcorp (GG) (UXG) (EGO) (AU) Close Up as Gold Breaks Record Again

US Gold (AMEX:UXG), Eldorado Gold (NYSE:EGO), Goldcorp (NYSE:GG) and AngloGold Ashanti (NYSE:AU) closed up on Wednesday as gold continues to break records on a daily basis recently.

Gold prices soared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery in at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.

Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offering support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

AngloGold Ashanti closed Wednesday at $49.74, gaining $0.72, or 1.47 percent. Goldcorp closed at $54.93, up $0.26, or 0.48 percent. Eldorado Gold Corporation ended the trading session at $18.04, rising $0.07, or 0.39 percent. US Gold closed at $9.58, jumping $0.42, or 4.58 percent.

Newcrest (NCMGY) (AEM) (MGN) (GSS) Close Up as Gold Breaks Record Again

Agnico-Eagle (NYSE:AEM), Golden Star Resources (AMEX:GSS), Mines Management (AMEX:MGN) and Newcrest Mining (OTC:NCMGY.PK) closed Up on Wednesday as gold continues to break records on a daily basis recently.

Gold prices soared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery in at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.

Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Newcrest Mining closed Wednesday at $44.64, gaining $1.29, or 2.98 percent. Mines Management closed at $2.73, up $0.18, or 7.06 percent. Golden Star Resources ended the trading session at $2.99, rising $0.04, or 1.36 percent. Agnico-Eagle closed at $67.44, jumping $0.46, or 0.69 percent.

Endeavour (EXK) (FVITF) (MGN) (SSRI) Close Mixed as Silver Jumps Again

Fortuna (OTC:FVITF.PK), Mines Management (AMEX:MGN), Silver Standard Resources (NASDAQ:SSRI) and Endeavour Silver (AMEX:EXK) closed mixed Wednesday as silver continues its upward climb gold to break records on almost a daily basis.

After surpassing the $45 level Wednesday, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record. Silver traded between $43.835 and $45.400.

Gold prices roared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

Gold and silver prices continue to surge on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index fell 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of the outlook of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Silver Standard Resources closed Wednesday at $34.72, up $0.75, or 2.21 percent. Mines Management closed at $2.73, gaining $0.18, or 7.06 percent. Fortuna ended the trading day at $6.26, falling $0.02, or 0.32 percent. Endeavour Silver closed at $11.79, up $0.10, or 0.86 percent.

Ivanhoe (IVN) (NEM) (SA) (MFN) Close Mixed as Gold Breaks Record Again

Ivanhoe Mines Ltd. (NYSE:IVN), Newmont Mining (NYSE:NEM), Seabridge Gold (AMEX:SA) and Minefinders (AMEX:MFN) closed mixed on Wednesday as gold continues to break records on a daily basis recently.

Gold prices soared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery in at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.

Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Ivanhoe Mines Ltd. closed Wednesday at $26.24, gaining $0.48, or 1.86 percent. Newmont Mining closed at $58.85, up $0.22, or 0.38 percent. Seabridge Gold ended the trading session at $33.79, falling $0.68, or 1.97 percent. Minefinders closed at $16.52, jumping $0.71, or 4.49 percent.

Kinross (KGC) (GFI) (AUY) (ANV) Close Mixed as Gold Breaks Record Again

Kinross Gold (NYSE:KGC), Gold Fields (NYSE:GFI), Yamana Gold (NYSE:AUY) and Allied Nevada Gold (AMEX:ANV) closed mixed on Wednesday as gold continues to break records on a daily basis recently.

Gold prices soared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery in at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.

Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Allied Nevada Gold closed Wednesday at $39.78, gaining $0.78, or 2.00 percent. Yamana Gold closed at $12.80, falling $0.13, or 1.01 percent. Gold Fields ended the trading session at $17.88, rising $0.20, or 1.13 percent. Kinross Gold closed at $15.37, jumping $0.13, or 0.85 percent.

Hecla (HL) (ISVLF) (SLW) (GPL) Close Mixed as Silver Jumps Again

Impact Silver (OTC:ISVLF.PK), Silver Wheaton (NYSE:SLW), Hecla Mining (NYSE:HL) and Great Panther (AMEX:GPL) closed mixed Wednesday as silver continues its upward climb gold to break records on almost a daily basis.

After surpassing the $45 level Wednesday, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record. Silver traded between $43.835 and $45.400.

Gold prices roared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

Gold and silver prices continue to surge on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index fell 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of the outlook of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Great Panther closed Wednesday at $4.00, level with Tuesday's close. Hecla Mining closed at $9.22, gaining $0.21, or 2.33 percent. Silver Wheaton ended the trading day at $41.70, falling $1.17, or 2.73 percent. Impact Silver closed at $2.51, up $0.09, or 3.72 percent.