``Bullion prices surged on a mix of heightened geopolitical tensions, higher oil prices, and expectations of an imminent ECB interest rate hike,'' James Steel, an analyst at HSBC Securities in New York, wrote in a report e-mailed today.

This doesn't even scratch the surface, bullion is the one safe haven that there is just no substitute for. Futher stress in the credit market will just add fuel to the fire. Look the reality is you're not going to get rich on gold. Holding it for the long term will basically get you return of zero after inflation. Having said that we all know where it's going that's why I feel the best way to play it is with the juniors. Take the real leverage. Way better risk adjusted return potential.