Gold, Silver Gain as Investors Seek Haven From Subprime Losses

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"People are going to the safest thing they can get," said Marty McNeill, a trader at R.F. Lafferty Inc. in New York. Gold is a safe haven at this point."

Gold and silver rose in New York as investors sought a haven from potential losses tied to the U.S. subprime-mortgage collapse.

Stocks dropped in Europe and Asia after central banks around the world added billions of dollars to the global financial system to help meet demand for cash. Before today, gold had risen 5.5 percent this year after six annual gains.

"People are going to the safest thing they can get,'' said Marty McNeill, a trader at R.F. Lafferty Inc. in New York. Gold is a safe haven at this point."

Gold futures for December delivery rose $3.80, or 0.6 percent, to $676.60 an ounce at 9:01 a.m. on the Comex division of the New York Mercantile Exchange.

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