Gold in a Bear Market

Further Reading
- Gold Surge After Mines Close
- Fed Raises Interest Rates: The Market Reacts With a Jump: Australian Market to Follow
- All Eyes On The Fed - Markets are Waiting For Interest Rate Decision
- Gold hits a two decade high
- Resources Hope: Greed and Fear
- US Fed Reckons There are Further Rate Hikes in Future
- [Week 51 2005] Gold Profit-Taking
- The Federal Reserve Hikes Up Rates - End in Rate Rises in Sight
- Gold Price bounces lower after hitting $US540.90
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It is a bear season in the stockmarket and gold miners are prospering. The possible US recession is the most probable main driver. Gold is seen as the best hedge against both the US recession and the US dollar currency weakness. Gold has returned a neat 20 percent return compared to the S&P which has declined 12 percent. Market commentators relate the current action in the market to what happened during 1979-80, when gold prices trebled within a matter of few weeks. A Fed Reserve rate cut would surely propel gold to new high price levels.
Gold Futures Rise to Record $1,009 on Bear Stearns Bailout: Gold surged to a record $1,009 an ounce in New York as the Bear Stearns Cos. bailout and a plunging dollar increased demand for the precious metal. Gold rose $5.70, or 0.6 percent, to $999.50 an ounce in New York. Silver climbed 23.5 cents, or 1.2 percent, to $20.655 an ounce.
0144GMT (Asian trading) - XAU - Spot Gold rose to a record high of above $1,030 per ounce as the dollar tumbled on deepening U.S. financial concerns.
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