Gold up 2 percent on firm euro, oil

Lewa Pardomuan
Reuters
Thursday, Oct 30, 2008

Gold rose for a fourth straight day to near a 1-week high on Thursday on safe-haven buying after oil extended gains and the U.S. dollar posted its biggest one-day drop in 23 years.

Firmer equities also lifted gold and other precious metals, with silver and palladium rising to their highest in two weeks and platinum hitting a 1-week high. The U.S. Federal Reserve cut interest rates by half a percentage point on Wednesday, sending the U.S. dollar tumbling.

Thursday’s third-quarter U.S. GDP data, expected to show the economy contracted by 0.5 percent, could also set the direction for precious metals.

Gold was trading at $765.50 an ounce, up $11.20 an ounce from New York’s notional close on Wednesday, when it hit an intraday high of $773.40 an ounce.

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But is still down nearly 12 percent since the start of the month, on track for its biggest monthly decline since 1983, as an earlier rush for safe-haven assets gave way to a cross-commodity sell-off by investors scrambling for cash.

Gold plummeted to its weakest in 13 months at $680.80 on Friday, but has rallied since then along with a recovery in other commodity markets, raising hope that the worst may be behind.

“I think all the preconditions are there for gold to take a very healthy run. The physical demand for gold has actually exceeded the ability to supply right around the world,” said Ian Smith, managing director of Newcrest Mining Ltd , Australia’s largest gold producer.

Full article here

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5 Responses to “Gold up 2 percent on firm euro, oil”

Ireland Says:
October 30th, 2008 at 5:21 am
Gold will easily be more sought after than paper money soon, but food will still be the most sought after.
rich Says:
October 30th, 2008 at 6:00 am
Alex had quests on his show stating their opinion that gold will surpass the $3 thousand mark an ounce. I think it’s going to rise dramatically because the big boys have bought it all up as a hedge against a depression and the dollars demise !!!!!!!!!

http://www.youtube.com/watch?v=P8fgAS0w9Q8

goldieshouse.piczo.com
Ireland Says:
October 30th, 2008 at 6:39 am
When I despair, I remember that all through history the ways of truth and love have always won. There have been tyrants, and murderers, and for a time they can seem invincible, but in the end they always fall. Think of it–always.
Mahatma Gandhi
"C" Says:
October 30th, 2008 at 9:23 am
“…And the gold of that land is good:…” [Genesis 2:12]
(…if The Lord says: “Gold is Good”…i say: ‘Amen!’…Buy Some/and/or Silver!)
yellowhak1 Says:
October 30th, 2008 at 10:34 am
WHEN I THINK BACK ON ALL THAT THE BUSH ADMINISTRATION AND THEIR MEDIA REPORTED THROUGH OUT HIS PRESIDENCY I START TO FEEL SICK BECAUSE THINGS ARE SLOWLY COMING BACK TO ME THAT I HAD FORGOTTEN.