Gold Ends Week 13% Higher as "Toxic Bailout" and Ban on Short-Selling Sends Stocks Surging

From Chris Mullen at GoldSeek.com...

Gold fell all the way to $823.40 by late trade in Asia on Friday before it rallied to $871.90 in New York.

As US stock markets continued to surge and the FTSE100 in London closed 8% higher for the day – its greatest ever one-day jump – Gold Prices then fell back off a bit into the close and ended with a loss of 3.73% for the session, but were 13% higher for the week, more than $100 to the good at $875 per ounce.

Silver dropped to $11.692 and rose to $12.60 before it closed with a loss of 2.25% for today, some 15% higher from Friday last week.

The Gold Price in Euros closed the week above €600 an ounce for the first time since mid-July, while platinum gained $19 to $1138.50, and copper gained roughly 9 cents to about $3.18.

Gold and silver equities chopped their way higher for most of the day and ended with about 4% gains.

Oil rose markedly on hopes that the US government’s “Toxic Bailout” plan will boost liquidity in the markets and weaken the Dollar's purchasing power.

The US Dollar index and Treasury bonds fell while the Dow, Nasdaq, and S&P rose substantially on short covering as the SEC issued an emergency ban on the short-selling of financial stocks.