Gold surges more than 6% on safe-haven buying

Market Watch
Friday, November 21, 2008

NEW YORK (MarketWatch) — Gold futures surged more than 6% Friday, poised for their biggest weekly gain in two months, as wary investors returned to the safety of the precious metal. Other metals also moved broadly higher.

Gold futures rallied $46.30, gaining 6.2% to $795 an ounce on the Comex division of the New York Mercantile Exchange. The benchmark contract was poised to end the week up more than 6%, the biggest weekly percentage gain since the week ended Sept. 19.

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The metal topped $900 an ounce in September after the collapse of Lehman Brothers. But it has since seen roller-coaster dives that sent gold below the $700 mark in October, as banks and funds liquidated their precious-metal assets for much-needed cash in the face of the credit crunch.

Recent gains in gold indicate that investment interests may have returned, analysts said.

“The metal benefited from the return of safe-haven investment demand,” said James Moore, a precious metal’s analyst at TheBullionDesk.com.

Gold is now more than 10% higher than its October low. But comparing with its record high above $1,000 hit in March, the metal is still down more than 20%.

Peter Spina, editor at GoldSeek.com, said a break above $750 an ounce could quickly send gold prices toward — and potentially above — $800.

Full story here.

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6 Responses to “Gold surges more than 6% on safe-haven buying”

C.M. Says:
November 21st, 2008 at 2:33 pm
It’s about fricken time!
Andy Lumiere Says:
November 21st, 2008 at 7:59 pm
Protect your wealth, trade your dollars, euros and pounds in for physical gold — and especially silver — while you can still afford it!!! (and there’s still some available!!!)
bob Says:
November 22nd, 2008 at 1:56 am
Is it possible to convince AJ to be quiet and let his GUESTS and Callers speak without CONSTANTLY interrupting them.? I know him and he does a good job but he does not know everything and other PATRIOTS besides himself have VOLUMES of info and PERSPECTIVE on this fight! BTW I don’t need you worshipers of A.J. to come to his defense or talk a bunch of sh?T. He uses foul language like crazy and then chastises his callers and bans them from the show until another day, WTF is that about? In addition, It is as much OUR show ( those who fund him ) as it is his unless it is just a business for him which I know him and I know better than that! We need to here the Guests and Callers. I mean why have them on the show if you will not let them speak. Your in my prayers ALEX, Sincerely.
planning4acrash Says:
November 22nd, 2008 at 2:21 am
What You Should Know About Inflation: http://mises.org/story/2914
Denzil Says:
November 22nd, 2008 at 6:44 am
If/when a war breaks out with Iran or Russia what do you think will happen to oil?
Gold will follow.
Denzil Says:
November 22nd, 2008 at 6:57 am
Japanese yen has performed very well over the recent past whilst sterling bites the dust.
Is this why they want one currency so Countries can play silly games without another currency making that folly obvious?

Would it not be easier to back a currency by gold to rein in these bubbles that cause havoc to the populas.

Waiting for a reply from someone more knowledgeable…………….