Gold and Silver Soar, Dollar Sinks

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As uncertainty swirled around the nation's debt crisis, precious metals hit record highs today.

Gold prices settled at a record $1,637.20 per ounce on the Comex division of the New York Mercantile Exchange today, up $15 in one day. Gold for immediate delivery in London hit a record high of $1,632.74 per ounce. According to Dow Jones news service, gold retains its value more than other assets at times of elevated financial anxiety and is "more resilient to market shocks."

Silver futures also continued to climb. For September, silver settled up 31.2 cents to $40.106 a troy ounce.

The U.S. dollar sank to a record low against the Swiss franc and a four-month low against the yen.