October 3, 2006
THIS YEAR FOR HALLOWEEN...:
Dow industrials close at their highest ever level (Mark Cotton, Oct 3, 2006, MarketWatch)
U.S. stocks ended higher Tuesday, with the Dow Jones Industrial Average closing at its highest level ever, after the price of oil slumped to a 14-month low, raising hopes lower energy costs will boost consumer spending and moderate any slowdown in the economy.
Gold futures tally a 3-session loss of over $29,/a> (Myra P. Saefong, Oct 3, 2006, MarketWatch)
Gold futures closed at a nearly four-month low Tuesday, down almost 4% to tally a three-session loss of more than $29 an ounce as a drop in energy prices eased concerns about high energy costs and reduced safe-haven investment demand for the precious metal."Contributing factors to today's decline were identified as sharply lower oil prices, a significant slowdown in the making in the U.S. economy, and the stampede for the exit doors by a notable number of hedge funds," said Jon Nadler, an investment products analyst at bullion dealers Kitco.com.
...make sure your kids trick-or-treat at the local gold bug's house--he'll be unloading those excess krugerands in the UNICEF boxes.
Posted by Orrin Judd at October 3, 2006 4:15 PM
Comments
Oh, no! Another sign of the worst economy since Hoover!!
Posted by: obc at October 3, 2006 4:23 PMGold is used increasingly by industry and, apparrantly, as India becomes wealthier its citizens are buying a disproportionate amount of gold items due to cultural factors. These 2 factors have contributed to the high prices.
Posted by: JAB at October 3, 2006 6:29 PMHay, obc, that's my line!
Posted by: Dave W at October 3, 2006 6:36 PM