Gold Price Skyrockets, Reaches Record Highs

The price of precious metals, namely gold, is skyrocketing.

Scott Isaacs, jeweler, said, “Four years ago people were saying gold would hit $1,000 [an ounce], I thought they were crazy.”

Although Scott Isaacs of Belle Meade Jewelry and Repair didn't foresee the $1,000 mark, he did know that gold would hit record highs.

At last look, gold was trading at $930 an ounce. When Isaacs entered the jewelry business, he said, gold was $285 to $300 an ounce.

The spike happened in 2006, when Isaacs priced a gold bracelet at $900.

Today, he could very well price it at $1,500, which he said a lot of jewelry stores are...

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Gold Approaches Record Levels

(RTTNews) - The price of gold turned higher again on Wednesday in U.S. trading and approached a record high. Gold for April delivery moved to $939.60, up $9.80 on the session. Prices moved to as high as $941.40 in mid-day trading, just off the record high of $942.20 from Jan. 30.

Gold had fallen in overnight trading amid a bout with profit-taking but trended higher throughout the day. April gold moved as low as $916.10 in the early going before the comeback.

The metal soared on Tuesday and closed at a three-week high on a strong day for metal futures. April gold climbed to $23.70 to finish the session at $929.80. The precious metal moved to as high as $934.40 earlier in the day. The precious metal's hedge value received a boost as the greenback saw further strength against the euro.

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PRECIOUS METALS: NY Gold Seen Down $4, Silver Down 12 Cents

NEW YORK (Dow Jones)--April gold futures are expected to open floor trading in New York around $4 an ounce lower Wednesday, based on electronic activity ahead of the pit session at the Comex division of the New York Mercantile Exchange. March silver is expected to be down 12 cents an ounce.

At 7:56 a.m. EST, spot gold was trading down $5.50 to $922.10, while the April futures on the Chicago Board of Trade were down $4.30 to $925.60 an ounce.

Precious metals were trading lower overnight as some profit-taking pulled platinum down from the record high hit in the previous session and gold also fell.

In other markets that have the potential to impact metals in the short term, the euro is down to $1.4653 from $1.4725 late Tuesday afternoon. In screen trading ahead of the pit open, the March S&P 500 futures are down 12.60 points to 1,342.80.

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History of the Gold Standard and Why it is so Valuable

Gold has always been a popular investment for uncertain times. President Herbert Hoover's said in 1933, "We have gold because we cannot trust governments." The history goes back 5000 years. This is the story of how it went from an international currency to an investment we all can own.

In 1821 when England enacted the first gold standard, making their money backed by gold, nearly all international trade imbalances were settled with gold. This made a strong incentive for governments to stockpile gold for hard-times.

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Investment Strategies – Why Invest in Gold, Silver, and Platinum?

Gold Coins by US Mint

Gold and silver have been valued by numerous civilizations for over 5,000 years. It offers investors a way to stabilize their investments. If you invest solely in the stock market you are wagering all of your savings on a volatile market. The stock market can sink if the economy goes into a depression. The stock market relies on business being financially productive in order for the investment to pay off. Gold, silver and platinum prices vary from the stock market prices which make it a good idea to diversify some of your investments.

What purposes and true value do these precious metals offer? Why invest in a hunk of metal? These metals are in demand for certain types of applications. Besides the glitz of jewelry and decorative items, there are many practical applications for these precious metals.

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Mexivada options Jefferson Gold/Silver project to StoneShield Capital

VANCOUVER, Feb. 1 /PRNewswire-FirstCall/ - Mexivada Mining Corp. is pleased to announce that it has entered into a letter of intent with StoneShield Capital Corp. (TSX-V: STS.P - News) pursuant to which StoneShield has been granted an Option to earn up to a 70% undivided interest in the Jefferson Gold/Silver property, located 50 miles north-northwest of Tonopah, Nevada and three miles east of Round Mountain, Nevada. The Property comprises a contiguous block of 85 unpatented lode mining claims, totaling approximately 1,750 acres.

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Bring your gold to this party

Move over Tupperware. The suburban house party is turning to gold.

As gold hits record prices above $900 an ounce, hordes of metro Detroiters, mostly women, are flocking to private house parties to sell their broken gold chains, mismatched earrings, class rings and other gold jewelry they no longer wear.

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Granville's gold share tips are an opportunity waiting for the brave

It could well be that the gold price breaks through the $1,000-an-ounce barrier this month with financial markets still volatile and a power shortage halting production at South Africa's mines, the biggest the world. The emergency interest rate cuts by the Federal Reserve in January down to three per cent also increase the attractiveness of gold over cash, as gold pays investors no dividend. That is perhaps why the yellow metal overcame its previous all-time high of $850 and romped past the $900 mark. However, gold shares have headed in the opposite direction. Perhaps this is understandable in the case of the South African miners hit by a total shutdown, with annual profits under threat. But for the rest of the gold mining community higher gold prices automatically translate into higher profits.

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