Tuesday, May 11, 2010

Gold Futures Close a Record Level of $1,220 An Ounce

Gold futures prices closed at a record price today of $1,220.30 an ounce, as growing fears on China's measures to combat inflation, and Europe's offering of just under $1 trillion to irresponsible governments to save their hides, has investors extremely jittery, and money is plowing into gold as a result, which brought the record gold futures close today.

A number of gold companies' share prices rose strongly as well with Allied Nevada Gold (AMEX:ANV) up well over 10 percent, Iamgold (NYSE: IAG) was up just under 10 percent, Jaguar Mining (NYSE:JAG) was just behind Iamgold at right under 10 percent as well, and Eldorado Gold (NYSE:EGO) was little over 9 percent, as just about the entire gold mining sector surged on the ongoing bad economic news and threats of inflation and nations defaulting.

News from the Commerce Department also revealed wholesale prices in the U.S. increased by 2.4 percent, and inventories rose, signifying sales are slowing down.

The mainstream financial press is reporting as if none of this is relevant or happening, but they'll soon find out, as always, that they're clueless in these matters, and gold will continue to soar in the light of these extraordinary economic circumstances threatening the wealth of people around the world.

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