Price of Gold has Biggest Gain Ever
The price of gold has never jumped like today! Gold prices posted the biggest one-day gain in history (in dollar terms). The huge jump in the price of gold was triggered by stock market turmoil as the government bails out AIG and Lehman Brothers Holdings Inc., files for bankruptcy. These are major shake-ups, so investors are flocking to gold as a safe-haven for their money.
Gold jumped 11.6%, or $90.40 , to $870.90 an ounce and settled to around $850 an ounce. It was the biggest-one day price jump since the record set in 1980, where it the gain was $64.
Fearing more tightening of credit markets, investors reacted swiftly and began dumping stocks and socking money into gold, silver and other safe-haven commodities. Gold is especially attractive during times of crisis because the metal is known for holding its value.
Silver prices also jumped. The December contract soared $1.158 to settle at $11.675 an ounce. December copper, however, fell 4.65 cents to settle at $3.0425 a pound.
So what’s this mean for people who want to make some easy money? Sell your old gold and jewelry online! If you have old gold and jewelry lying around, you can take advantage of the market corrections taking place, especially since gold has dropped 25% from it’s high point of $1,000 earlier in the 2008 year. It may be a while until this is over, and gold is expected to keep rising and rising.
Source: AP: Gold prices post biggest 1-day gain ever
Posted in Precious Metals