Posted on 11/06/2009 7:51:33 AM PST by blam
Gold Reaches New Record Above $1,100
By Nick Godt
MarketWatch
NEW YORK (MarketWatch) -- Gold futures barreled to a new record high above $1,100 an ounce on Friday, as news that the U.S. unemployment rate topped 10.2% in October boosted expectations the Federal Reserve will keep interest rates near zero well into next year, pressuring the dollar.
Gold for December delivery, the most active futures contract, rose as high as $1,100.50 an ounce on the New York Mercantile Exchange. It gained up to $1,101.90 an ounce in electronic trade. It recently gained $6.40, or 0.6%, to $1,095.80.
The U.S. economy shed 190,000 jobs last month, lifting the unemployment rate above the 10% mark for the first time in 26 years, the Labor Department said. The report also revised statistics for September and August.
Economists surveyed by MarketWatch, were looking for a decline in nonfarm payrolls of 150,000 and for the unemployment rate to rise to 9.9%.
[snip]
(Excerpt) Read more at marketwatch.com ...
and it happened the nano-second the unemployment numbers were announced. I was watching. On purpose.
Whoa!
I’ll bet if you left her out in the rain she’d turn green.
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