GOLD PRICES HEAD HIGHER

Gold prices are up on the New York Spot Market Tuesday after a disappointing earnings miss from IBM and weak revenue, which plagued corporate second-quarter results. Gold is also seeing support from bargain buyers today. "Dips continue to draw bargain-hunting interest, however, the real test will be if gold can hold the May 21 low of $1,166,” said analyst James Moore. (The Street, 7/20/10)

Stocks have been mixed on the New York Stock Exchange as traders digest weaker-than-expected revenue growth at major U.S. companies. Investors are looking for sales and revenue growth to confirm that profits are due to improved economic conditions and not cost-cutting measures. "Earnings have been good, but revenue has been light for many high-profile companies," said Peter Boockvar, chief market strategist with Miller, Taback & Co. "In a context of worry about whether the economy is going to double dip or not, that doesn't help." (CNN Money, 7/20/10)

Noted analyst, Jim Rogers told Outlook Money on Tuesday that he intends to hold his gold until it touches $2,000 an ounce. According to Rogers, “Governments are spending money they don’t have and printing money they don’t have. That, throughout history, has always led to problems with paper money. And paper money is just paper. Many politicians take advantage of people by printing more and more money, and so paper money becomes less and less valuable.” (Outlook Money, 7/20/10)