Gold Breaks $1,300 Today For First Time, Eases Back

For the first time in history gold hit the $1,300 mark, although it has pulled back some in mid-day trading.

Gold futures broke $1,300 in New York, as the U.S. dollar continues to disintegrate and investors move to protect their capital.

In London bullion traded at an all-time high as well.

The dollar will lose against the euro for the week as the Federal Reserve reiterated they're poised to stimulate the economy once again when needed, even after the wasted $1.7 trillion which miserably failed, although we'll have to still pay it all back.

Gold has broken records in four out of five trading sessions this week, and there's little to stand in the way of that continuing, although there will be corrections along the way.

Gold futures for December delivery rose to $1,300 an ounce on the Comex in New York.

Gold Gains on Euro, British Pound, and Swiss Franc

Probably one of the most important metrics of gold's strength is its movement against currencies, and the last week it moved up strongly against the Euro, British Pound, and Swiss Franc.

Against euros it gained 2.0 percent; against the British pound, 1.7 percent; and against the Swiss franc, 1.3 percent. Gold did fall against the Japanese yen by 0.3 percent.

The euro fell against the U.S. dollar, dropping from $1.3169 to $1.2982, a loss of 1.1 percent.

Spot settlements for COMEX gold ended at $1,215, while averaging $1,203.