Gold Prices Boosted by Debt Fears

Chris Mullen of GoldSeek.com wraps up Monday's action...

The Gold Price jumped to a new all-time high above $1620 at the open of Monday's Asian trade, hitting as high as $1621.49 in London before it pared its gains a bit in New York. The Gold Price ended with a gain of 0.68% at a new all-time high.  

The Gold Price in Euros rose to about €1121.

Silver Prices surged to as high as $41.043 in London before they too fell back a bit in New York, but still ended with a gain of 2.39%.

Silver and Gold Mining stocks traded slightly higher for most of the morning, but they then dipped midday and ended with modest losses.

Platinum lost $4.50 to $1787.25, and copper fell slightly to about $4.40.

Oil fell slightly along with the US Dollar on worries about unresolved debt problems that also sent treasuries and the Dow, Nasdaq, and S&P modestly lower on the day.

If an agreement is not reached by August 2, the US won't have enough cash to pay all its bills. That could have a catastrophic impact on financial markets. The US would likely lose its coveted triple-A credit rating. Interest rates would rise for millions of consumers. And stocks could fall the way they did during the 2008 financial crisis, analysts say.

Among the big names making news in the market Monday were Apple, E*Trade, Goldman Sachs, and RIM.

Wednesday at 9am EST brings the Case-Shiller 20-city Index for May expected at -4.4% and at 10am is Consumer Confidence for July expected at 56.0 and New Home Sales for June expected at 320,000.

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