|
Gold powered through $1,100 an ounce Friday after the U.S. government said the nation's unemployment rate rose more than expected last month, fueling demand for the metal as a safe haven.
December gold jumped $7.80 to 1,097.10 an ounce after surging to an all-time high of $1,101.90 an ounce earlier. Prices spiked after the Labor Department said the unemployment rate rose to 10.2% in October from 9.8% the month before. That marks the highest level since April 1983. Economists had forecast an increase to 9.9%. Gold rally to continue. Gold is benefiting from a "flight to quality," said Adam Klopfenstein, senior market strategist at commodities brokerage firm Lind-Waldock. He said investors who were expecting an economic recovery "threw in the towel" after the jobs report. At the same time, investors who think the economy will continue to worsen "want to own something tangible." Rating :
  (6 Ratings) |
 Medellin |
|
Page
1
of about
1
First
| < Prev
| Next >
| Last
|
Messages in Topic
| Subject | Author | Rating | Time of Post (ET) | ||
|---|---|---|---|---|---|
|
Gold Surpasses $1,100...
|
lsuavecito |
 
|
6-Nov-09 01:05 pm | ||
|
>>>Gold rally to continue.
my 2 front toofuses ...
|
smalkin3
Online Now
|
(1 Rating) | 6-Nov-09 02:03 pm | ||
|
"He said investors who were expecting an econ...
|
phoenix773 | (1 Rating) | 6-Nov-09 02:06 pm | ||
|
Phoenix,
All the sellers are gone.
So ...
|
cpgone | (1 Rating) | 7-Nov-09 01:13 pm |
|
Page
1
of about
1
First
| < Prev
| Next >
| Last
|
0.69