goldGold futures surpassed a record price of $1,380 an ounce Thursday on investor fears that the Federal Government's new $600 billion stimulus package may spur inflation and devalue the U.S. dollar.

Gold futures for December rose 3.4% to $1,383.20 an ounce at about 2:40 p.m. Eastern time Thursday after touching an intraday high of $1,384.30. Silver futures for December were up more than 6% Thursday to $25.97 an ounce.

Precious metal prices have been rising all year as investors look for a safe haven amid fears of currency volatility. Gold is perceived as a safe investment as countries look to boost their economies by using monetary policy to increase liquidity and cut borrowing costs.

Gold and silver received a further boost after the U.S. Federal Reserve on Wednesday launched the second phase of its quantitative easing program, the so-called QE2. The Fed will buy up to $600 billion more in long-term U.S. Treasury bonds in an effort to stimulate a U.S. economy that many say is growing too slowly.


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rbragg4699

The top for gold is $1600. Vote against me if you disagree but remeber you heard it from me first.

November 06 2010 at 6:02 PM Report abuse rate up rate down Reply
Carl

QE2 will be most investors Titanic, you'll be sinking or swimming in debt.

November 06 2010 at 10:34 AM Report abuse rate up rate down Reply
hjgjghkh

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November 05 2010 at 11:20 PM Report abuse rate up rate down Reply
Princetoneff

I recently passed a Zimbabwe $500 Million Reserve Note to a room full of bright high school youngsters and told them how that once-prosperous country had gone on a borrowing rampage which eventually precipitated inflation rates of more than 1,000,000%. Citizens had to take bags of those notes to buy a simple dinner, and eventually the country had no currency at all. Its economy was crushed to nothing and its citizens robbed of any savings they had accumulated. THe dollar is now regarded as "soft" currency, and citizens are fleeing to gold, silver and "hard" currencies. Printing money at The Fed won't fool anyone but fools. The USA is perpetuating a Ponzi Scheme on its citizens, and the smartest of them will buy commodities and other hard assets. Sic Transit Gloria.That's the "change" we're getting.

November 05 2010 at 2:01 PM Report abuse +1 rate up rate down Reply
tmlbtb

I read all of this financial stuff and have to wonder. Does anyone know what they are doing in this government? We have a mouse for a President, a bunch of crybabies for Congress, a Fed that wants to help the rich, and Corporate America trying to bring this country down even further by continually sending jobs to the next 3rd. world country.

November 05 2010 at 1:06 PM Report abuse rate up rate down Reply
saint9roi

well we now know that the price of gold is inflated.

November 05 2010 at 12:52 PM Report abuse +1 rate up rate down Reply
jrd000000001

hmmm... funny... couple days ago there were fears of deflation

November 05 2010 at 12:36 PM Report abuse +1 rate up rate down Reply
acc56

And or bank holidays.

November 05 2010 at 7:16 AM Report abuse rate up rate down Reply
acc56

Question: I have both gold and silver but, is it any good worth millions if the store shelfs are empty.

November 05 2010 at 7:15 AM Report abuse rate up rate down Reply
1 reply to acc56's comment
Carl

At least at my store some metal will get you some goods, A worthless piece of fiat currency won't get you in the door. Metal could be the ultimate source for barter. Plus you don't need a doomsday senario , Do some research on the "Gold Eagle" web site read the editorial by Willie ans see what an expert says. Most people assets are all based in US dollars, It would be wise to get some of your dollars into precious metals, so your not only dollar based, If you only have dollar based assets, when the boat sinks you won't have a life preserver or a way to buy one. I guess the old saying comes in here,," Don't put all your eggs in one basket." or hope they were laid by the Golden Goose."

November 05 2010 at 9:08 AM Report abuse rate up rate down Reply
T REXX

TIME TO TRADE IN MY BLING

November 05 2010 at 6:21 AM Report abuse rate up rate down Reply