[/caption]After trading as high as $1,425.5 per ounce, gold finished the day below the $1,400 per ounce mark. The low for the day was $1,381.70 and the high was $1,425.50 today in New York.
With gold prices hitting a record high above the $1,400 mark, investors are now pondering whether to buy gold bars or gold coins now or whether it might be better to sit on the sidelines for a few days.
Gold prices were definitely on fire for most of the trading day. The pull back looks like some short term traders taking profits.
Gold closed in New York at $1,393.02 but continues to climb up again. At 10:35 pm the gold price was at $1,396.30 per ounce.
We reported yesterday about Robert Zoellick, who suggested that gold should be used as an international reference point.
Gold Price at $5,000 to $10,000 Minimum
TheStreet now interviewed Peter Schiff, president of Euro Pacific Capital, who beliews that Robert Zoellick is "dancing around the edges" of calling for a gold standard.
"The world desperately needs to go back to a real monetary system that's based on real money which is gold ... If we are going to go back to a gold standard, it's not at $1,400 gold," says Schiff to TheStreet. "If we want to maintain our current wages and prices in this country then gold has to go ... to $5,000 - $10,000 at a minimum", Mr. Schiff continued.
Whether the target of $5k to $10k for gold is a realistic target now or whether that is more long term remains to be seen. At least it show that people are out there that think gold prices have room for improvement. As long as market participants think that gold can appreciate more, it will do so.
Prices for Bullion Gold Coins
 Krugerrand Gold Coins Price : $1,449.45 - $1,487.66 |  Canadian Gold Maple Leaf Price : $1,452.00 - $1,487.55 |
American Gold Eagle Bullion Coins Price : $1,464.70 - $1,555.00 |
Prices for gold coins courtesy of goldprice.org.
The price for gold can certainly go back to lower levels. The question is only, whether that is likely or not is another question. Whenever something goes up in price, there are always voices that say it can't go any higher. These are the same voices that said gold can't go any higher when it was just under $800 an ounce a few years ago.
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