Gold Bullion Hits $1866, Stocks Hammered

Chris Mullen at GoldSeek wraps up Thursday's action...

Gold Bullion prices soared to a new record high of $1826 per ounce by about 10am EST on Thursday, before falling back off a bit in the last few hours of trade, but they still ended with a gain of 1.64%.  The spot market Gold Bullion price was up to $1866 shortly before 9am London time.

The Gold Price in Euros also jumped to a new record high above €1271 per ounce.

Silver Bullion prices climbed to as high as $40.858 and ended with a gain of 0.87%.

Silver and Gold Mining stocks fell throughout most of trade and ended with about 2% losses.

Platinum gained $0.50 to $1835.25, and copper fell 6 cents to about $3.97.

Oil fell as the US Dollar index and US Treasuries rose on reinforced worries about the global economy – worries that sent stock markets lower: 

• The Dow closed down 3.68%
• The Nasdaq closed down 5.22%
• The S&P closed down  4.46%

Among the big names making news in the market Thursday were HP, MGM, AOL, and BofA.

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