Gold, the precious metal, hit a record high today of $1,273.40. The metal, whose primary purpose other than looking pretty is to serve as a hedge inflation and significant market disruptions, got a huge pop today and as we write continues to rip higher.
Market commentators are citing investor anxiety about inflation in the U.K. and fears of weak industrial production in Europe. Worries about the sovereign debt crisis in Europe could have something to do with it, too. Gold miners were also on a tear, as the AMEX Gold Miners Index was lately up 4.6 percent at 1526.79.