while the stock market has plummeted . 500+ points on monday. 350 points down yesterday. Gold has skyrocketed. (remind me again, why I dont own more of this gold stuff)
The ongoing turmoil in the financial markets had gold extending gains in the wake of a $70-an-ounce spike on Wednesday, with gold futures rising $46.5 to end at $897 an ounce on the New York Mercantile Exchange. Read Metals Stocks .
"Gold spiking has fear trade written all over it," said PNC's Stone.
Usually, when people flee to buy gold , that means stocks are weak. However, it appears this time they are wrong as stocks are up 300+ points.
Comments(0)