Gold Reaches Record High: Lackluster Media Coverage Suggests We're Far From a Top

Mark O'Byrne submits: Gold and silver have consolidated on recent gains as inflation, geopolitical and eurozone debt concerns support. Silver has risen above its 31-year record closing price of yesterday and looks set to target new record nominal intraday highs above $38.16/oz.

Mark O'Byrne submits: Gold and silver have fallen in Asian and early European trading, despite global uncertainty leading to weakness in equity and bond markets. Support is likely to come from eurozone debt concerns, geopolitical risk and the deepening nuclear crisis in Japan - the true extent of which remains unacknowledged. (Click charts to expand)

Mark O'Byrne submits: Gold Gold has reached new record nominal highs (in most major currencies) and silver a new 30 year nominal high due to a variety of macroeconomic and geopolitical factors. Market focus remains on the Eurozone debt crisis but has shifted somewhat to concerns about ultra loose US monetary policy and the likelihood that this will lead to a devaluation of the dollar, inflation and currency debasement.

• Introduction – Gold’s Gains In All Fiat Currencies in 2012 • Much of Gold’s Gains in 2012 On 11% Price Gain in January 2012 • Japanese Yen Shows How Gold Protects From FX Devaluations • Food Inflation Risk As Wheat and Soybeans Surge in Price • Currency Wars and Competitive Currency Devaluations • Gold Remains Historically and Academically Proven Safe Haven • Conclusion – Gold in 2013

By Frank Holmes CEO and Chief Investment Officer U.S. Global Investors In 2011, oil was one of the top performing commodities among those we track, with Brent rising more than 13 percent. Geopolitical risk and unexpected non-OPEC supply losses caused oil to rise significantly in early 2011. By October, we saw the black gold sink to a low of $96 per barrel before rising to its current level of nearly $108 a barrel.

Article written by Prieur du Plessis, editor of the Investment Postcards from Cape Town blog.The article below is a guest contribution by Frank Holmes, CEO and Chief Investment Officer of U.S. Global Investors.

Mark O'Byrne submits: Gold is tentatively higher against the euro but mixed against other currencies, while silver is higher again in most currencies. Both probed upward Thursday morning and are exhibiting signs that they may push higher prior to a much anticipated correction. The Greek 10-year yield has just surged over 13.2% and this is leading to falls in the euro and risk aversion with equities, commodities and oil falling.

Mark O'Byrne submits: Gold Gold rose to new record nominal highs and silver to 30 year nominal highs again this morning as the dollar weakened and there were renewed concerns that large banks may have to raise more capital. Gold's rise is not solely a dollar story with gold rising to near record nominal highs even in the safe haven currencies of the yen and Swiss franc. Gold rose to 112,537 yen an ounce in trading in London this morning, the highest price since June 28.