Gold Hits New High
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Gold hits a new high on buying frenzyGold prices hit new all time highs late Thursday afternoon. Gold futures for August delivery hit $1,252.50 per ounce during the trading day. The precious metal closed the day at $1248.70. That set a new intraday and a new closing high for gold futures.

Investors of all stripes, concerned about the inflationary monetary policy and slowing momentum of global growth, have been relentlessly buying gold as a hedge against inflation and as protection against further economic weakness.

The latest economic data hasn't changed the perception that economic growth is not strong enough to boost employment or force the Fed to tighten interest rates. Witness the change to 472,000 new jobless from the 12,000 recently reported. These factors leave the economy vulnerable to shocks in the future, and that's why investors are increasingly seeking out the safe haven of gold.

But while gold prices are at new highs, gold mining stocks are following with a lag. And that's creating a timely opportunity for investors to buy gold mining stocks before they report blowout profits on record high gold prices.

To discover a little known gold mining stock that has as much as 128% upside potential based on its ultra-low forward P/E of just 7, click HERE.

Posted 06-17-2010 3:25 PM by Ian Wyatt