GOLD & SILVER MAINTAIN RECORD PACE – Gold maintained record breaking prices above $1500 and silver soared to new 31 year highs, staying above $45 per oz. The US dollar continued to decline, concerns about the US and European economies continue to flare and rising Asian inflation is boosting Asian demand. All of these factors boost the safe haven appeal of gold and silver. Gold has been acting as a currency in its own right, and that is why we are up at $1,500," said Simon Weeks, head of precious metals at the Bank of Nova Scotia.

Conversations still abound, as to why the University of Texas has taken a 5% position in gold and have taken this position in the actual physical metal and not an ETF. Most institutions carry a 1% gold allocation in “paper products”. "The role gold plays in our portfolio is as a hedge against currencies. The concern is that we have access monetary and fiscal stimulus," Zimmerman said. Should other institutions begin to follow suit and raise there allocations with the addition of physical gold, there is no doubt prices will be dramatically affected. This action by UT clearly indicates they are taking a long term position.

At 4PM (CT) the APMEX precious metal prices were: