Tuesday, May 09, 2006

Gold crosses $700

June gold contracts on the COMEX rose $21.60 to close at $701.50 an ounce. One of the big fundamental stories for the metal is the possibility that China may significantly increase its gold reserves. Full story at Reuters.

And in the "you must be joking" file, CNN Money has dusted off its negatively slanted gold story, "$600 gold: Want in? Think twice" and replaced it with a fresh new title: "$700 gold: Want in? Think twice". I think we've seen this film before. There's mention of that earlier article (published only last month) in a $600 gold piece I wrote for Financial Sense April 7th.