This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Gold Surges Past $900

Gold prices hit yet another record high Monday as rising concern over the increasingly wobbly financial system led investors to seek safe-haven assets.

Benchmark bullion contracts were rallying $12.30 at $910 an ounce in recent action on the Comex division of the New York Mercantile Exchange. Spot prices for the metal started the year at around $840 before roaring past the prior all-time high of $875 reached in 1980 amid the Iran-hostage crisis. The $900 mark was breached on Friday for the first time but only for a moment.

The bullion exchange-traded funds, which hold inventories of gold bars, were racing ahead also, with streetTracks Gold Shares (GLD) and iShares Comex Gold Trust (IAU) both up about 1.3%.

"People are sensing the instability, and the instability is causing people to want to buy hard assets," says Peter Spina, chief investment analyst at, in Denver. "The primary reason is that lack of confidence in the financial system."

Spina says the increasing uncertainty throughout the world about the quality of paper assets is also making the euro unpopular, as well as the greenback. Instead, he says, investors are buying gold as a long-term store of value.

In the precious metals patch, BMO Capital Markets upped its rating on Randgold Resources (GOLD) to market perform from underperform and raised its stock price target to $48.

Shares of Randgold were rallying more than 3% to around $45.

Yamana Gold (AUY) was ahead by 6% following the firm's pleasing output projections for the next two years.

Elsewhere, Golden Star Resources (GSS) was up 4%, buoyed by the rising price of gold.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs