Gold Prices – New Record High for Gold

Gold prices hit a new record high Friday as investors fled into gold as a safe-haven asset.

Gold for August delivery was popping $12.70 to $1,261.40 an ounce at the Comex division of the New York Mercantile Exchange.

The gold price has traded as high as $1,262 and as low as $1,243.10 according to Kitco's gold index.

Fridays in the summer typically lead to more volatility in gold as volume thins and traders have been opting for cash and gold over other assets to protect themselves against a weekend where anything can happen. Friday could be especially volatile with quadruple witching forcing traders to repurchase or se ll their options contracts before they expire.

The popular gold exchange-traded fund, SPDR Gold Shares(SPDR), added almost 2 tons Thursday as investors piled into gold despite prices nearing record highs.

Well, let's see if this holds true -- should be interesting! But there has NEVER been a better time to get out there are start prospecting for gold.

Here's wishing you a great prospecting trip, and may the bottom of your pan be golden.

Tags: gold nugget, gold screen, finding gold

Tags: Comex, gold price, gold prices, gold value, Kitco, ounce

Filed under Buying Gold, Gold Articles, Gold Mining Claims, Prospecting for Gold by GoldDigger

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Take a Family Gold Mining Trip and Hit Paydirt

You Could Be Yelling "Eureka!" Despite the Failing Economy

I just read a great news story published by ABC News titled "Tough Times? Go Gold Mining"

"Financial markets are turbulent, family finances are unstable and the economy is imploding. Perhaps your next vacation or weekend jaunt should be a gold mining trip.

Former Northern California mining towns offer tourists the opportunity to try their luck at gold panning. Find a large golden nugget, and quit worrying about Wall Street investments.

"People frequently find gold flakes if they are persistent enough. However, every few months, someone will find a significant gold nugget which can be worth about $700 to $800 or more," said California state park ranger Suzie Bowman in Coloma, California's Marshall Gold Discovery State Historic Park.

"In my personal opinion, you have to be 7 or under to find them. It always seems like it's a little kid who finds them."

While the stock market is volatile, gold maintains some semblance of stability.

"Gold is an asset that bears no credit risk and, therefore, involves no counter-party and is no one's liability. This is an extremely attractive characteristic to investors, given the current turmoil in credit markets," said Natalie Dempster, head of investments for North America at the World Gold Council.

Even if there is no opportunity to yell "Eureka!" gold mining towns offer a unique perspective on life during the California gold rush.

Even though this article suggests you visit one of many commercial claims available to the public to mine for a fee, I say "why pay someone else when you can stake your own claim?"

There has never been a better time to stake a gold mining claim.