i Develop Stocks Advisory: Gold posts record gain

Thursday, September 18, 2008

Gold posts record gain

Gold posts record gain

Gold prices posted their biggest one-day jump ever Wednesday, as jitters over the health of the financial sector sent stocks tumbling and the dollar weakened

Gold for December delivery was up $70, or 9%, to settle at $850.50 an ounce. The gain surpassed the previous mark, $64, set Jan. 29, 1980, during a period of surging inflation.

“People are losing confidence in the financial sector," said Peter Spina, president of goldseek.com, a gold trading analysis Web site. "You look around you, where are you going to put your money? Gold is safety."

The commodity is often seen as a hedge against inflation and a safer bet in the wake of the financial crisis roiling Wall Street.

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Thursday, September 18, 2008

Gold posts record gain

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