Gold breaks $1600, silver over $40

The price of gold is $1602.21 at this writing, a new record and perhaps only a milestone on a path to even higher prices according to some. Silver also surged, jumping over $40.51 after retreating from that level earlier this summer. [right, gold nugget. Credit, USGS]

update 7-18-11 1pm: I edited this post to remove excerpts of a press release by an exploration company because some readers interpreted it as an endorsement.