(Gold Prices: $1,100 video) With this new move of gold prices, investors are seeing a new era of gold. Even the “bullish” investors in the Oct. 30 video from Bloomberg believed it may take 6 to 12 months to reach this new price, but gold prices climbed to the new threshold withing weeks.

Gold rose to $1,100 per troy ounce today. Overall, the price of gold remains below $1,100 but the prices settled at $1,097 at the closing of the New York Mercantile Exchange and Commodity Exchange, also known as COMEX. Other commodities like copper and oil fell in value slightly. The move was preceded by the Bank of Sri Lanka announcing that it would begin buying gold to diversify it’s portfolio, moving away from the US dollar and other currencies. As more countries begin to distrust paper currencies around the world, the “flight to gold” is becoming more commonplace.

It is worth noting that silver prices dropped today; typically the prices of commodities like silver also rise when investors make a “flight to safety”, so much of the increase in the value of gold was speculative due to the Sri Lankan bank’s move towards gold, rather than as the result of a flight toward safety. Gold has risen over 20% this year versus the dollar, but it may be more appropriate to say that the dollar lost 20% of it’s value compared to gold which better retains it’s value (gold will never be worthless, but paper can be).