Gold closes at $806: Great!
Friday, November 2, 2007 at 04:55PM
Gold Prices in Other
Going into the weekend just couldn’t be better with gold gaining $15.80 today. A quarter point rate cut, oil pushing towards a $100/barrel, money being printed as the medicine for all financial ills and the credit crunch not over yet.

Gold’s little brother, silver also chipped in with a gain of $0.30 taking silver to $14.53 for a 2% move in one day.

Over to the HUI Chart:

HUI Chart 02nov07

No stopping the HUI despite the technical indicators being high as gold and silver go from strength to strength.

Talking of credit there was an interesting comment from Henk Potts of Barclays Wealth on British radio this morning when he mentioned the amount of money the government had put into Northern Rock, rumoured to be about £25 billion, which he said worked out at £700.00 for every tax payer in the country. The mind boggles let’s hope that there are not too many more of these yet to surface.

Have a sparkling weekend!

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