Gold Price Reaches New Record High

Includes: GLD, IAU, SGOL
by: Tim Iacono

Of course, the price of gold has been making new all-time highs in other currencies for months now, but, today it was the yellow metal’s turn against the U.S. dollar and yesterday afternoon’s close at $1,232.50 an ounce eclipsed last December’s record of $1,227.50 an ounce for the near-month futures contract.

Safe haven buying in Europe and elsewhere was the proximate cause for the big surge and, now that the old high has been taken out, there is no technical resistance in the upward direction making for an interesting period ahead for gold investors.