The new gold rush is on.

As inflation has picked up and the stock market has tumbled, investors seeking a safe haven have piled into gold, driving the metal to all-time highs.

Since mid-August, New York gold futures have risen more than 42%. After finishing down at the early-afternoon close yesterday, they shot above Monday’s record of $927.10 in later electronic trading. The peak occurred after the Federal Reserve cut its target lending rates, which sent the dollar — gold’s big competitor — lower.

Historically, the world’s most enthusiastic buyers of the metal have been catastrophe-fearing “gold bugs” in places like India, where banks aren’t always trusted and currencies can be unstable. Read Full Story