I have a whole series of articles that I will be posting and commenting on tonight.

Something is afoot in the financial markets.

It has to do with gold and hedge funds.

How many RMNews readers remember that the huge gold trusts that I talk about --- are in Austrian banks?

Could this coming financial crisis have something to do with the European Unions attitude toward Austria?

If my quick analysis is right---

the stock markets are headed south...

the FED is probably already bankrupt...

to keep people from understanding the depth of the crisis.... we will soon be in a major war.

Read this article and see what you think...

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Friday February 4, 2:18 pm Eastern Time Surging gold hits 14-week spot and futures high NEW YORK, Feb 4 (Reuters) - Gold futures and bullion prices stormed to their highest levels since late October on Friday, as short covering, rumored producer hedge unwinding and fresh buying fueled panicky rallies past $300 an ounce.

COMEX April gold at 1415 EST stood at $314.50, up $25.10, or over seven percent from Thursday's close. It reached its highest since October 21, when gold was retracing from the spike to two-year highs near $340 on October 5.

Rumors swirled all morning that a gold mining company had bought back a hedge position. The move got momentum when fund stop-loss buy orders were executed at $292.50/$294 and then above $300, the break of which occured just after noon.

``You're seeing short covering in this market and I think you are also seeing probably funds reversing their short positions and probably going long,'' said George Parrill, a director at ScotiaMocatta.

Spot bullion was quoted at $301.80/2.60 an ounce, its priciest since October 25.

Bullion's leg up over $300 came just minutes after Canadian miner Placer Dome (Toronto:PDG.TO - news) said it was moving to suspend all gold hedging programs immediatly, based on expectations of improving gold market sentiment.

For the April contract, the rise was the biggest in one day since the September 27-28, $285.30-to-$310.90 surge, on the back of the September 26 Washington Agreement by 15 European central banks to cap gold market activities for five years.