Gold Bugs Flying High

The gold bugs are having a summer picnic and everybody's invited.

Surging oil prices and a drooping dollar have pushed gold prices up 5% over the past month to more than $440 an ounce. The big move has precious metals investors atwitter with expectations that the shiny metal finally may be revving up for a big run past $500.

Of course, gold devotees have seen a number of false starts since last fall, marked by a series of so-called lower highs. But with oil now growing comfortable in the low-$60 per barrel range, it's getting harder and harder not to see inflation -- a gold bug's best friend -- in the economy, even if it is not showing up in the economic data. ...