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Gold Prices Close to New Highs

Gold is the ultimate safe haven asset and investors turn to the commodity as a form of money that retains some value as paper currencies struggle. The U.S. dollar was also receiving a safe haven bid from investors. The yield on the 10-year Treasury note was at 3.11%, slightly higher from their recent lows, but still indicating that investors are more than willing to lend money to the U.S. at a low price.

Some potential risks for gold in the short-term are profit taking and investors' need for cash. With gold popping almost 12% this year, investors could sell some of their positions to make money off one of the only assets to yield a positive return. In addition, if the stock markets get much worse and traders take a big hit in equities, they might be forced to sell some gold to fund these losses.

Silver prices settled much higher at 37 cents to $19.11 while copper ended up 9 cents at $3.09.

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Gold mining stocks, a more risky and more profitable way to invest in gold , were popping while broader equities struggled. Kinross Gold (KGC) was rising 3% to $18.51 while Agnico-Eagle (AEM) was adding 2.82% to $63.10. Other large gold companies Eldorado Gold (EGO) and Hecla Mining (HL) were trading at $18.35 and $5.77, respectively.

More on Gold
Gold Price News
How to Invest in Gold

-- Written by Alix Steel in New York.

Alix joined TV in February 2007. Previously, she held positions in film and theater production, management, and legal administration. Alix has a degree in communications and theater from Northwestern University.
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