Supercharged Gold Leaps Nearly $90 - and Silver Back over $12

Source:

...financial institutions are recognising gold's defensive properties in times of market turmoil - a position already taken by numerous individual investors who have almost stripped the dealers bare of gold coins and small bars around the world...

Gold and silver bulls will be walking round with smiles on their faces after three months of frowns. Bears will be nursing sore bank balances

In a move which left the bears reeling, the yellow metal was recording a supercharged day as the dollar weakened, the financial crisis put more major institutions under downgrading scrutiny. In a matter of a couple of hours the gold price shot up almost $50 to over $830, having languished in the $740-$780 range for the previous week. From this point it steadied a little and refreshed moved on up touching $870. Oerall the increase has been around 11 percnt as we write.At the time of writing it looked poised to rise even further.

What is more the metal appears to have shaken off the oil price correlation stranglehold for, although oil also gained, in comparison with the gold surge it remained comparatively static in the $93-95 a barrel range befor emoving up to $96 on gold's coat tails.

As for the more volatile silver; in percentage terms it managed a 14 percent rise of nearly $1.50 - said to be the highest intra-day increase in around 30 years.

Perhaps, not before time some may say, financial institutions are recognising gold's defensive properties in times of market turmoil - a position already taken by numerous individual investors who have almost stripped the dealers bare of gold coins and small bars around the world...

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