The gold price hit a record high of $1,174 per ounce on Tuesday. Gold futures closed higher for the 15th time in almost as many trading sessions, as traders backed up their trucks to the loading docks.

The price of gold has soared 33 percent so far this year. Investors looking for an insurance policy seems to be at least one of the main themes.

Although gold’s rise is spectacular news for those who invested back in 2002 (when theTrumpet.com columnist Ron Fraser first highlighted the importance of the metal as an economic indicator), it is bad news for the rest of us!

“The modern mind dislikes gold,” noted economist Joseph Shumpeter, “because it blurts out unpleasant truths.”

So just what is gold trying to tell us?

“Whatever the ultimate, longer-term outcome, it’s pretty clear that the [economic] situation is going to intensify,” confirm gold analysts Mary Anne and Pamela Aden of The Aden Forecast . “[A]nd as it does, gold is going to be the main beneficiary, and its bull market will endure well into the years ahead. That’s been the case for thousands of years during times of economic uncertainty and gross imbalances, and it’s now happening again.”

Known gold investor Bob Moriarty is a little more cautious concerning the gold price, at least over the short term. He says the dramatic escalation in precious metals prices is getting a bit “frothy.” The price of gold has gone up very dramatically and may be due for a correction, he says.

That said, he too believes a massive economic crash is headed America’s way. “We live in a world that is totally insane. We have one U.S. government agency buying worthless paper from another U.S. government agency and the public nods their heads in agreement just as if it makes perfect sense. It doesn’t make any sense at all; it’s like taking water from one end of a swimming pool and carrying it down to the other end and believing you are making a difference.”

“Pundits are proclaiming an end to a most mild recession, deeming it ‘green shoots.’ Are they color blind?” he asks. “How about ‘black shoots’?”

Gold is sending a very clear warning message. And since its price is rising in all currencies, something of enormous proportions could soon be headed our way. For more analysis on what a rising gold price means for the U.S. economy, read “Gold Price Warning Signs,” “India Stampedes Into Gold” and “All That Glitters.”