gold barsThe price of gold jumped to a record high on Tuesday, boosted by concerns over eurozone debt and inflationary pressure.

Gold touched $1,422.30 a troy ounce, Reuters reported. U.S. gold futures also reached $1,422, marking the fourth day in a row that gold has set a new record.

"We have a combination: inflation fears, currency market uncertainty, fears about the financial strength of some countries," said Alexander Zumpfe of Heraeus Metals.

Gold also gained on comments by World Bank President Robert Zoellick, who said that the world's largest economies should consider adopting a new gold standard.

Federal Reserve Chairman Ben Bernanke's announcement that the Fed will buy $600 billion of long-term assets also stoked concerns about inflation and a weak dollar, making gold more attractive.

"Inflation concerns and euro zone debt worries have helped accentuate the surge this week initiated by the weakness in the dollar," investment bank Fairfax said in a note.

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orlandcaro

Gold is pretty but it's value can evaporate very quickly when people lose faith in it. Hard assets that have real intrinsic value are the way to go.

November 09 2010 at 7:44 PM Report abuse -1 rate up rate down Reply
Laure

gold is going higher because the dollar is going lower and the dollar is going lower because the fed is printing money that is backed by NOTHING. Nixon took us completley off the gold standard in 1971.

November 09 2010 at 7:41 PM Report abuse +3 rate up rate down Reply
Emilio Paletta

Their long term goal is coming to fruition: devaluate the dollar! Chapter #12 FEDERAL RESERVE A MURDEROUS HISTORY ( cont ) "Mr. Chairman, we have in this Country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, Hereinafter called the Fed. The Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the Nation's debt. The depredations and iniquities of the Fed has cost enough money to pay the National debt several times over...... This evil institution has impoverished and ruined the people of these United States, has bankrupted itself, and has practically bankrupted our Government. It has done this through the defects of the law under which it operates, through the mal administration of that law by the Fed and through the corrupt practices of the moneyed vultures who control it." - Congressman McFadden on the Federal Reserve Corporation remarks in Congress, 1934. Congressman McFadden served as Chairman of the Banking and Currency Committee for more than 10 years. By the way, there were two assassination attempts against McFadden. "Why did we give a monopoly of creating money out of thin air to a private corporation? The result is exactly the same as if someone was picking your pocket every year, because that is exactly what the { the Federal Reserve Bank } are doing." Franklin Sunders, Author, Tax Honesty. *Take note: "We shall have World Government, whether or not we like it. The only question is whether World Government will be achieved by conquest or consent." - Paul Warburg, Council on Foreign Relations and Architect of the Federal Reserve System: Fed 17, 1950 in an address to the U.S. Senate. (Check out US World Dominance Plan "Who controls money controls the world." - Henry Kissinger Counsel on Foreign Relations. Ron Paul introduces bill to eliminate Federal Reserve Bank: H.R. 2755--110th Congress (2007): To abolish the Board of Governors of the Federal Reserve System and the Federal Reserve.

November 09 2010 at 6:53 PM Report abuse +6 rate up rate down Reply
one5thofwhiskey

Next step for Barry: Forbidding the private ownership of gold and silver bullion, because it's "not fair" to the collective. Besides, how can he (and his superiors at the fed) call the shots if individuals own something that allows them economic autonomy, rendering the feds manipulation irrelevant? They can't. Best invest in lots of copper and lead as well. It's coming.

November 09 2010 at 5:41 PM Report abuse +2 rate up rate down Reply
emmett

Silver never moved up in price like it has in the last couple of months. From $17.00 to $28.00. It looks like a good bet to stack up with coins and sterling silver jewelry at this time while it's still resonably priced .

November 09 2010 at 5:40 PM Report abuse +4 rate up rate down Reply
mark

Gold and Silver are by far the better investment for todays world, Gold and silver will have a value No matter what the morons do to the US dollar, Just keep the printing presses hummin,Gold will be for the rich man, (NOT ME) but Silver will become the poor mans Gold, Old US coins will alway be your best bet, Hard to conterfit,, Gold to silver ratio is 50-1 now, But have for years been 16-1, with the gold price where its at today, We could see 75 to 100 silver prices in the real near future, You can buy rolls of silver coinage on e-bay all day long, Buy them as you can aford them, Great Ace in the hole I'm thinking !!!!!...........

November 09 2010 at 10:36 AM Report abuse +6 rate up rate down Reply
Robert & Lisa

It's almost unbelievable how George Soros has got the American people dupped with Obama and thugs.

November 09 2010 at 9:03 AM Report abuse +8 rate up rate down Reply
1 reply to Robert & Lisa's comment
Robert & Lisa

duped

November 09 2010 at 9:04 AM Report abuse +5 rate up rate down Reply
Robert & Lisa

Actually, Obama and thugs love this. It's part of his plan to make Americans poorer so the rest of the world can be richer. He'll blame it on Republicans and be able to take us communist and he'll be dictator for life.

November 09 2010 at 8:17 AM Report abuse +6 rate up rate down Reply
1 reply to Robert & Lisa's comment
cdo008

to robert and lisa.... then the martians will come take the gold back to planet xenon....but after this.... obama will launch his space capsule to planet Xenon for a rendezvous with other democrat gold traders from pluto and then....

November 09 2010 at 7:36 PM Report abuse -2 rate up rate down Reply
marine1942

Obama not going to like this !!! Really shows confidence in him....

November 09 2010 at 7:49 AM Report abuse +8 rate up rate down Reply