Gold News

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

From Chris Mullen at

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.

Chris Mullen is chief content manager of the GoldSeek family of websites, a leading source of gold news, comment and mining-stock data for private and institutional investors.

See the full archive of Chris Mullen articles


Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn



Market Fundamentals