Gold Hits New Record Above $1,800

The price of gold surpassed $1,800 an ounce Wednesday for the first time as investors pulled their money out of stocks and snapped up precious metals contracts.

Gold is fast becoming a favorite port in a storm of uncertainty. Investors are clinging to what they see as a hedge against volatile stock and currency markets.

December gold contracts backed off their highs, and traded around $1,785 an ounce during midday trading after reaching a record $1,801 an ounce earlier in the day on the New York Mercantile Exchange.

Gold prices have shot past a series of milestones over the past two years on an uninterrupted climb. Gold was trading at about $900 in the summer of 2008, before the financial crisis unfolded that year.

Resulting turmoil in currency and stock markets has burnished gold's luster.

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Robert & Lisa

George Soros is being sued for $50 million by a Brazilian lady of the evening... Hey George, you reap what you sow.

August 11 2011 at 10:45 AM Report abuse rate up rate down Reply
me

left the market in 1996 i seen the morel rott in washinton d.c. bought gold............... and thank GOD i did............

August 11 2011 at 8:36 AM Report abuse rate up rate down Reply
msteel3rivr

THE REVOLUTION IS CLOSE..........

August 11 2011 at 4:53 AM Report abuse +1 rate up rate down Reply
martinsportraits

MAKES PERFECT SENSE , AFTER ALL THE DOLLAR IS FINISHED!

August 11 2011 at 4:07 AM Report abuse +2 rate up rate down Reply
Dude

GLD & SLV are hollow shells

check out PHYS & PSLV instead

August 11 2011 at 3:57 AM Report abuse +1 rate up rate down Reply
Dude

A vote for gold is a vote against bad government

August 11 2011 at 3:55 AM Report abuse +2 rate up rate down Reply
capenv

Careful, could be another bubble ready to burst.

August 11 2011 at 1:18 AM Report abuse rate up rate down Reply
1 reply to capenv's comment
J. R. Gilbert

The next bubble to burst is going to come from student loans. No employment and under employment is going to have a major impact on the lives of the young college grads.

I hope that they all understand that there is no walking away from that debt.

August 11 2011 at 7:38 AM Report abuse +2 rate up rate down Reply
Joe

Gold is a good hedge against inflation. When the Federal Reserve continues to print paper dollars that have no backing, they are just IOUs. When people decide not to accept those IOUs as payment anymore, gold and silver will be the only currency that will trade hands except for barter. Inflation is coming and the debt is beyond control now, so trouble is ahead and those fleeing the stock market know it. Survivalists are buying gold, silver, food, guns and bullets in anticipation of a complete meltdown. Are they paranoid or do they have it right this time?

August 11 2011 at 12:26 AM Report abuse +2 rate up rate down Reply
stylz2k69

We need 2 things to get stocks moving up, wealthy investors and institutions selling their gold and getting back into stocks and cash rich banksand financials buying back their stock and restore dividends to get banks and financials more attractive to investors.

August 10 2011 at 10:49 PM Report abuse -3 rate up rate down Reply
maa2626

gold and silver is a commodity, such as oil, copper, corn, soybeans, etc. might go up, might go down, we pruchase gold and silver as an insurance policy, a bit like life insurance. tune out the hysteia, gold and silver gives our family peace of mind. precious metals will be accepted for food and fuel in leiu of paper currancy. that is a fact. buying precious metals is a vote of "no confidence" in our currant national fiscal policies. protect yourself and family.

August 10 2011 at 10:44 PM Report abuse +5 rate up rate down Reply