Capital Gold Group Report: INVESTORS FLOCK TO GOLD - QUALITY ASSET IN DEEPENING FINANCIAL CRISIS
GOLD RISES 3% TO $787; JUMPING $23
NEW
YORK (MarketWatch) -- Gold futures rose Monday, rallying to near $780
an ounce at one point, as the deepening crisis on Wall Street raised
demand for the safe-haven investment.Gold for December delivery rose $15.50, or 2%, to $780
an ounce in Monday morning trade on the Comex division of the New York
Mercantile Exchange. It surged $25 in overnight electronic trading to
$789.50.
Crisis on Wall Street
 |
• Lehman's record-setting bankruptcy • Bank of America's rush to buy Merrill |
Wall Street witnessed a tumultuous weekend as Lehman
Brothers Holdings was forced into bankruptcy, Merrill Lynch & Co.
sold itself to Bank of America for $50 billion, and American
International Group reportedly asked the Federal Reserve for a $40
billion capital boost.
"Gold's safe haven credentials are set to come into
their own again as the global financial and capitalist system itself is
creaking at the seams," said Mark O'Byrne, executive director at Gold
and Silver Investments.
The U.S. stock market tanked after Lehman filed for
Chapter 11 bankruptcy protection, ending the 158-year-old Wall Street
firm's run and rattling the foundation of the global financial system.
Also rocking investors' confidence, Merrill Lynch agreed
to be bought by Bank of America Corp. in an all-stock deal the
companies valued at $50 billion. See full story.
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