Gold Rebounds as Wall Street Slumps to 12-Year Low
Source: BullionVault, Chris Mullen (2/23/09)
"The gold price fell. . .to $975.35 by the Wall Street opening on Monday, but it then stormed back – hitting $998.05 in late trade – as the major stock market indices slumped."
Gold bullion closed near that high with a loss of 0.6% for U.S. investors overall. The gold price in euros touched a new record high above €779 an ounce.
Platinum lost $9 to $1072.50, while copper gained a couple of cents to $1.43. Silver dropped as much as 37¢ to $14.09 before it rallied and closed near its high, up 0.1% for the day.
Gold mining and silver equities fell over 3% at the open before they rebounded to see slight gains midday. They then fell back off into the close and ended with roughly 2% losses.
There were no major economic reports in the United States, but rumors continued about possible bank nationalization and President Obama's plan to cut the US budget deficit in half in the next four years.