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Gold Rallies on Economic Uncertainty

Feb 20 2009

Gold Rallies on Economic Uncertainty

SPDR Gold Shares (GLD) rallied to a three month high today on fear the economy will get worse before it gets better. The ETF which strives to stay inline with the price of Gold Bullion moved from $73.45 a share to an intra-day high of $98.99 share over the past three months as investors seek security.

The Dow Jones Industrial

The Dow Jones Industrial fell to a 6 Year low on continued bank weakness. Moving below 7,400 represented a 6 year low for the major US index that tracks the 30 largest companies in the country. Investors might still be liquidating assets even after a long-term pull back in the markets which have fallen nearly 47% from their highs.

Banks Collapse Again

Major banks in American continued their rapid decline with Wells Fargo falling 25%, Bank of America moving 24% lower and Citigroup falling near 30% before recovering slightly mid-afternoon. Rumored nationalization of the banking system has led to speculators betting on further declines leading to down pressure of the financials. No one seems to want to hold the stocks over the weekend with such rumors circulating.

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