Gold Reaches New All-Time High

July 13, 2011 9:35

It looks like it's going to be another interesting day for precious metals as investors increasingly turn to gold and silver amid escalating troubles with government paper money around the world. Earlier today, the gold price reached a new record high at around $1,578 an ounce and appears to be headed toward $1,600.

After taking out the previous high reached back on May 2nd, there is again no upward resistance for traders to worry about and higher prices are more likely than not. Given the deplorable state of paper money these days, prices might go much higher in short order.