Gold Hits New High of $1,035/ounce amid Oil Pricing Rumor (GLD, UDN)

Gold has hit a new high this morning at $1,035/ounce.

Many attribute this mornings' move as a result of rumors that several mid-east countries have been debating the issue of how to denominate oil internationally. US Dollars have been used for decades but according to an article in "The Independent", several oil producing countries are contemplating switching from the US Dollar to a basket of other currencies.

The article did also state any switch would take the better part of a decade.

An investor can play this trade by buying SPDR Gold shares (NYSE: GLD) or Powershares US Dollar Bearish Index (NYSE: UDN). Both these ETFs are poised for a strong open today.