Gold Jumps Over $400/oz on Subway Scare

[Tom Yossarian Joad]

http://www.boston.com/business/markets/articles/2003/11/26/gold_jumps_over_400oz_on_subway_scare/

NEW YORK (Reuters) - Knee-jerk buying lifted COMEX gold to its highest price since March 1996 Wednesday after strange fumes hospitalized several New York City subway workers, but fell back after police said the incident was not a terror attack.

The market was extra jumpy before Thursday's U.S. Thanksgiving holiday and a day off Friday for New York commodity traders.

"Between that and the dollar really coming off today -- that whole story continues to be positive for gold," said Amaury Conti, a gold equities trader at fund management firm U.S. Global Investors. "It may be a little exaggerated today because of thin trading conditions. A lot of guys are out."

At the COMEX division of the New York Mercantile Exchange, safe-haven buying lifted gold for February 2004 delivery to $402 an ounce, beating last week's $401.80 high, on news that five workers were treated for exposure to an unknown substance which caused an odor in one of the city's subway tunnels.
<snip>
1. I heard nothing reported about the Subway incident.
2. I'll bet that insecurity in the dollar will drive gold back up all on its own.

[Journeyman]

1. Here's the subway story. . .

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=241695

[Tom Yossarian Joad]

2. Thanks. I missed that completely. n/t

[DUreader]

3. Subway scare! yeah thats it.....LOL

Golds been nipping at $400 for months now

Barrick just announced they will stop hedging by foward selling

Subway yeah thats it subway....... LOL

The real question is why hasn't it passed 400 earlier?

[54anickel]

4. I think this was another "hey look over there, the subway". Gold

was on it's way up since it opened this morning. The Euro was also holding it's own, 9am.
Look at the charts in the Stock Market Watch thread.

[Parche]

5. TERRA

Why is everything that happens here in the US considered
terra ism now?
Running a red light- Terra ism
Failing to stop at a stop sign- Terra ism
Vandalism- Terra ism

[Don_G]

6. Jared Gaining Weight

It must have been Osama that slipped those 2 dozen donughts into that Sub.

[area51]

7. subway scare

I heard Faux news labeled it as an al Qaeda attack. Hey Faux news ... BOO, IT'S AL QAEDA!. Forking losers & scare mongers (Faux).

[Art_from_Ark]

8. I thought it was the Aum Shinrikyo

that specialized in subway attacks.
:shrug: