Gold Spikes by More Than $30 and is expected to rally even more

Gold is expected to rally more than the $30 of this morning due to very bullish news coming out of Europe about the Greek's debt crisis but also Italy's credit grade downgrade this morning and the FED meeting where Ben Bernanke is expected to announce some new QE3 or similar " ...When I was on an hour, it was unbelievable that gold had not rallied more with the stark outlook for the U.S. and the European economy. some traders are saying they're also looking at headlines about the EU and IMF having to send officials to Athens to close the aid deal there and sources close to the troika saying that to wire services. will any of it be enough? that is what traders on the floor are mentioning. The downgrading of Italy's credit rating rating perhaps even more troubling than the Greek situation and then the FED meeting to watch and we are looking at gold prices back here at 1810 level and it is still down more than 100 bucks from the all-time high we saw just a week ago " says Sharon Epperson