People are buying gold because it is now apparent that we are going to see massive inflation. Gold is the best hedge for inflation.

Inflation is screaming. All you have to do is look at your life and what it costs.

It was COMEX options expiration today, so they got gold down near the big strike price at $550.

Seventeen-year highs are impressive, with the bond market showing us that inflation will be returning with a vengeance.

Some of the reasons why people bought gold don't hold true anymore. Rising energy costs, inflation, the double deficit in the U.S. and geopolitical tension. None of them seem to be much of a problem.

Gold above $600 is frightening. It appears that people expect inflation, and that people don't have trust in our currency.