Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

Gold up 2 pct on dollar, eyes global rescue plan

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Lewa Pardomuan
Monday, Oct 13, 2008

Gold gained 2 percent on Monday, recovering from its biggest one-day drop in nearly 30 years the previous session, as moves by policymakers around the world to help banks pulled down the dollar.

Prospects for an easing in the month-long financial crisis could dim investors’ interest in gold as a safe haven, but should also stem the kind of frenzied liquidation that knocked nearly $65 an ounce off the metal on Friday, the biggest one-day fall in dollar terms since 1980.

“Because we’re seeing a bit of a bounce on currency markets, that’s giving gold a lift,” Australia & New Zealand Bank research head Mark Pervan said.

(Article continues below)

“But a rebound in the U.S. dollar that would accompany a recovery in stocks would be bad for gold and we could see prices hit again,” he said.

Spot gold <XAU=> rose $14.95 or 1.76 percent to bid at $862.35 against a notional close of $847.40 on Friday, when prices were whipsawed in a nearly unprecedented range of more than $100.

  • A d v e r t i s e m e n t

Gold hit a one-week low of $823.50 on Friday as investors sought cash to cover margin calls from steep losses in stocks, having earlier rallied to a two-month high at $931 an ounce.

Full article here

This article was posted: Monday, October 13, 2008 at 4:05 am

Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

POPULISM IS THE NEW PUNK See the rest on the Alex Jones YouTube channel.

MY LAST EVER VIDEO? See the rest on the Alex Jones YouTube channel.

http://www.youtube.com/embed/KmE0M9TOIxU http://www.youtube.com/embed/7bnQrajRfTM

© 2017 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.