Gold hit $600/ounce today. According to The Daily Reckoning, "The last time gold saw these levels was in January of 1981, when investors bought bullion to hedge against rising oil prices." Apparently, the rise in gold is linked to rising oil and gas prices (oil neared $68/barrel today and gas prices have risen, on average, about 9 cents).

In other news, "The dollar hit a seven-month low against the euro today on speculation that interest rate increases by the European Central Bank will start to outpace moves by the Fed."