Oil pumps up gold to eight-month high

[RedEarth]

The price of gold hit an eight-month high yesterday of just under $450 (£248) an ounce as the relentless rise in the price of crude sent some investors looking for a haven - an investment "hedge" against oil prices inflicting serious damage on the world economy.

The cost of bullion reached $449.30 in early European trading before sinking back to a little under $447. Prices have risen sharply in recent weeks, gaining 5% during a month when oil prices have risen 10%
Paul Walker, the chief executive of GFMS, said: "I think the rising oil price has restoked investors' fears about the sustainability of the recovery of the US economy."

Historically, the price of gold bullion has also had a strong inverse relationship with the American dollar. The US currency has weakened against both the pound and the euro in recent weeks as concerns have re-emerged over the size of the US trade deficit.

Oil prices reached more than $66 a barrel for the first time in trading on the New York mercantile exchange over con cerns of insufficient capacity to pump and refine enough oil to supply the US and China's seemingly insatiable demand for energy.


http://www.guardian.co.uk/business/story/0,3604,1548381,00.html

[kikiek]

1. Now that is bad news.

[Deja Q]

2. Whatever. Our countries leaders are surely responsible to know how to use

their resources efficiently, right?

[orpupilofnature57]

4. You mean, pluck the feather of democracy, for their own nest. F.D.R

[Name removed]

3. Deleted message

Message removed by moderator. Click here to review the message board rules.

[goforit]

5. Poppy Bush is making lots of mula$$$$ with all his gold mines!!!

What a stage for theater!!!