Gold Surges … New Record, Once Again

   

Day, after day, after day, after day … and so on. Gold continues to surge past the previous day’s record highs. It hit $897.30 on the New York Mercantile Exchange (NYMEX), which was higher than the record of $894.40 on Wednesday.

Gold was helped today after Federal Reserve Chairman Ben Bernanke indicated more interest rate cuts are on the horizon. That resulted in the dollar sharply falling and gold strengthening.

Many analyst are suggesting and expecting gold to hit $900 an ounce and very soon. At some point, there could be a correction with profit taking. Will that happen after and if gold reaches $900? Only the crystal ball knows …

At 5:11 a.m. EST, spot gold was at $893.50.

Few gold coins available from U.S. Mint

As far as coin collectors who like modern bullion US coins, it’s scarce pickings at the U.S. Mint. Currently, the only available collector gold coins are those that also happen to be predisposed to higher mark ups:

• 2007 American Eagle Gold Proof One-Tenth Ounce Coin for $116.95
• 2007 First Spouse Series One-Half Ounce Gold Proof Coin Dolley Madison for $529.95
• 2007 First Spouse Series One-Half Ounce Gold Uncirculated Coin Dolley Madison for $509.95

As a result, many collectors who like a mix of gold in their modern US coins will have to seek them through the secondary or dealer market.

For more information regarding Federal Reserve Chairman Ben Bernanke comments, you may wish to read the embedded news content from cbcnews.ca: