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Gold Rises Most in 8 Years as Investors Seek Haven From Turmoil
Pham-Duy Nguyen
BLOOMBERG
Wednesday, September 17, 2008
Sept. 17 (Bloomberg) — Gold surged the most in eight years as investors sought the safety of precious metals on concern that the credit crisis will deepen, leading more financial institutions to fail. Silver jumped more than 8 percent.
The U.S. government took control of American International Group Inc. in an $85 billion takeover to prevent the biggest financial collapse ever. The cost of borrowing dollars for three months jumped the most since 1999 as banks hoarded cash. In March, gold reached a record after the Federal Reserve backed JPMorgan Chase & Co.’s purchase of Bear Stearns Cos.
“Gold is going to be the beneficiary of a global move toward a safe haven,” said John Licata, the chief investment strategist at Blue Phoenix Inc. in New York. “There’s a gigantic fear factor. Most people are concerned another bank is going to fail.”
(ARTICLE CONTINUES BELOW)
Gold futures for December delivery gained $60.60, or 7.8 percent, to $841.10 an ounce at 12:01 p.m. on the Comex division of the New York Mercantile Exchange. A close at that price would mark the biggest gain for a most-active contract since Feb. 4, 2000.
Silver futures for December delivery rose 78.8 cents, or 7.5 percent, to $11.305 an ounce on the Comex, after earlier rising as much as 92.3 cents to $11.44. Before today, gold fell 6.9 percent this year, while silver tumbled 30 percent.
U.S. Treasury three-month bill rates dropped to the lowest since at least 1954. Shareholders of Reserve Primary Fund, which wrote off $785 million of debt issued by Lehman Brothers Holdings Inc., pulled more than 60 percent of the fund’s $64.8 billion in assets in the two days since Lehman filed for bankruptcy protection.
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September 17th, 2008 at 10:54 am
If the dollar is so devalued and gold is now uber-valuable, why are gold sellers so willing to trade their gold for my dollars?
September 17th, 2008 at 1:23 pm
gold dealers have way more gold than they do money. and thats sayin alot!
September 17th, 2008 at 1:39 pm
not the highest point .. the biggest rise
September 17th, 2008 at 7:15 pm
Hey Michael…my guess would be because they can’t pay their bills with gold yet. They need cash like the rest of us.
September 17th, 2008 at 7:20 pm
They mean 1 day % rise you idiots.
Who are you idiots?
September 17th, 2008 at 11:04 pm
To make you look stupid for selling your gold for so cheap.
September 17th, 2008 at 11:08 pm
You dont like my comments.Just print the thruth,and I am with you.Otherwise you discredit yourselfs.pp=cnn.I would hope not.
September 18th, 2008 at 1:53 am
The government is currently using mind reading technology. Not the ones that alex is always talking about but the real high tech ones that can be used through satellite and project your thoughts and what you see through your eyes on the television. Tex marrs book called project lucid gets into some of this technology in great detail. Everyones brain operates on frequencies both emitting and recieving signals. These frequencies are carefully guarded by the fcc and the nsa. The televisions are high tech mediums picking up invisible frequencies travelling through the air. Now if you have any spirtual understanding you know that the invisible spirit realm also operates on frequencies. It is my personal belief that the television is going to be set up as the image of the beast written about in revelation 13:15 And he had power to give life unto the image of the beast, that the image of the beast should both speak, and cause that as many as would not worship the image of the beast should be killed. Now what better way than the television? All over the world people have them in every room in the house, in grocery stores and even in their cars. George Orwell was very accurate in his prediction of this type of beast antichrist system.In his journal he explains thoughtcrime: Thoughtcrime does not entail death. Thoughtcrime IS death. The Thought Police have two-way telescreens (in the living quarters of every Party member and in every public area), hidden microphones, and anonymous informers to spy potential thought-criminals who might endanger The Party. Children are indoctrinated to informing; to spy and report suspected thought-criminals — especially their parents. So is this the image of the beast where you will be communicating with the antichrist through your television. Seeing your thoughts actually being portrayed on television and having it actually communicating back to you would cause many people to worship this image. I suppose there could also be variations to how it may appear. He could present himself subtly to some and not too others. Or maybe he will perform so called miracles like the movie dejvu with denzel washington where they can go back and forth in time and manipulate circumstances. That is a really interesting technology they where using in that movie. I suggest you can’t really make something like that up. The problem with this technology is that people are not going to understand who or what they will be seeing or listening too. You are in fact tapping into the spirit realm which is extremely dangerous. I don’t like the idea of signals coming from space via satellite to your living rooms. You are not meant to be operating in these dimensions. Which is why worshipping this image will result in eternal damnation. rev 19:20 And the beast was taken, and with him the false prophet that wrought miracles before him, with which he deceived them that had received the mark of the beast, and them that worshipped his image. These both were cast alive into a lake of fire burning with brimstone. So if someone shows up on your tv talking to you throw your tv out at the curb like they did on poltergeist before it captures your soul for all eternity.
September 18th, 2008 at 2:22 am
>>If the dollar is so devalued and gold is now uber-valuable,
>>why are gold sellers so willing to trade their gold for my dollars?
Because that is their business? You know you still do need dollars for a
business to function. BTW I have been waiting 2 months for my gold
order to be delivered into my IRA.
September 18th, 2008 at 12:16 pm
oh yea,just try and eat your dollars or your gold,(they will cast it in the streets)
September 19th, 2008 at 4:55 am
gold will always be precious dont be fooled it does not mention what happens gold will always be money