Gold price is going to break the USD$1600 mark!

Gold price at all time high of USD$1599 now. Silver price has gone above USD$40.

I am long SLV and UGL call options.

Uncertainty regarding the outlook for European and U.S. debt has most participants in Kitco News’ Gold Survey expecting higher prices for the yellow metal this week.
In the Kitco News Gold Survey, out of 34 participants, 22 responded this week. Of those 22 participants, 15 see prices up, while three see prices down and four see prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical chart analysts.
Many said with the market making record highs this week, to near $1,600 an ounce, gold could build on the upward momentum, especially as sovereign debt risk for southern-tier European nations is at the forefront of the news cycle. Ongoing negotiations to lift the U.S. debt ceiling ahead of the Aug. 2 deadline also add to the safe-haven allure of gold.