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Gold Hit Record $1,033, Oil $112, Euro $1.59

noworldsystem.com note: Immediately after the fed announced the 3.25% cut, gold dramatically hit record lows of around $1004 but the trend right now (Mar 17, 2008 10:57 AM NY Time) is $1013, and is gradually going up, get live quotes for gold! This can get really ugly. . .
Gold futures ease back off $1,033 record

Market Watch
March 17, 2008

Gold futures hit a new record on Monday of nearly $1,034 an ounce before edging back down after the Federal Reserve cut the discount rate by a quarter of a percentage point after JP Morgan Chase & Co. agreed to buy the troubled investment bank, Bear Stearns.

Gold for April delivery stood lately at $1,009.40 in the Comex Division in the New York Mercantile Exchange, after hitting high of $1,033.90 an ounce. Bullion gained 3.4 percent.

The benchmark contract closed Friday’s session at $999.50 an ounce on the New York Mercantile Exchange.

“We believe there is a derivative play being unwound,” said Johnathan Barratt, managing director of Sydney-based Commodity Broking Services.

Read Full Article Here

 

Oil hits record near $112 as dollar slumps

Herald Tribune

March 17, 2008

Oil rose to a record near $112 on Monday as a surprise weekend cut in the Federal Reserve discount rate and the sale of stricken U.S. investment bank Bear Stearns sent the dollar to all-time lows.

U.S. crude for April hit a fresh high of $111.80 a barrel. It was trading $1.15 up at $111.36 a barrel by 9:15 a.m.

May London Brent crude was $1.28 higher at $107.48.

“The recent oil prices have been swayed by the currency moves, including this latest rally to a record,” said Tony Nunan, risk management executive at Tokyo-based Mitsubishi. “The dollar weakness is the factor at the moment.”

 

Euro touches $1.59, Current Price $1.57

RTE Business

March 17, 2008

The dollar plunged to a fresh record low against the euro this morning as fears about the health of the US economy escalated.

Dealers said an emergency rate cut by the US Federal Reserve only added to the sense of crisis after the near-collapse of US bank Bear Stearns.

The euro struck a new peak of $1.5905 in Tokyo, up from $1.5669 late on Friday in New York. It later slipped back to $1.5770 in volatile European trading amid speculation that central banks could step in to halt the dollar’s decline.

The euro also moved above 78p against sterling.

IMF Tells States To Plan For The Worst
http://www.ft.com/cms/s/0/682..00779fd2ac.html?nclick_check=1

Gas Not Alone — Food Prices Way Up, Too
http://www.cbsnews.com/stories/2008/03/..merWatch/main3928372.shtml

Treasury Chief Defends Fed Intervention
http://news.yahoo.com/s/ap/2008..AvVz8_lzJEF1tmFuhLEGyZ6s0NUE

High Wheat Process Rise Grocery Prices
http://news.yahoo.com/s/ap/2008031..e/costly_wheat&printer=1

U.S. Dollar Intervention Madness
http://www.howestreet.com/articles/index.php?article_id=5958

UK: Taxman Given Draconian Powers
http://www.dailymail.co.uk/pages/liv..33629&in_page_id=1770

JP Morgan Closes In On Bear Stearns Buyout
http://online.wsj.com/article..8739825.html?mod=googlenews_wsj

Greenspan: Worst Crisis Since World War II
http://www.ft.com/cms/s/0/e..6bc-0000779fd2ac.html?nclick_check=1

Ron Paul’s Statement On Coinage Debasement
http://pressmediawire.com/article.cfm?articleID=18325

Bush: Economy Is Going Through A ‘Rough Period’
http://wcbstv.com/topstories/Bush.New.York.2.676953.html

U.S. faces severe recession: NBER’s Feldstein
http://biz.yahoo.com..a_economy_feldstein.html?.v=1

What the Price of Gold Is Telling Us
Could we really run out of food?
Fears mount over US economy
Leading Economist: Dollar Faces Outright Collapse
Swiss Franc Rises to Parity With Dollar as Investors Avoid Risk

U.S. Economic Collapse News Archive

 


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