Metals - Gold up on safe-haven buying, amid talk of new Fed rate cut

[formercia]

Source: AFX UK Focus


2008-01-24 09:55 GMT:


LONDON (Thomson Financial) - Gold was firmer, boosted by safe-haven buying amid fears the US is heading into recession, as the major European equity markets rebounded this morning.

The precious metal slipped in line with falling equities earlier this week as investors were forced to sell gold to cover losses elsewhere.

With stocks recovering but still volatile, and expectations growing that the Federal Reserve will announce a new 50 basis point cut in interest rates next week -- which would boost the appeal of non-interest bearing investments such as gold -- the precious metal has moved back towards 900 usd an ounce.

Read more: http://www.iii.co.uk/news/?type=afxnews&articleid=6509353&subject=markets&action=article

---

Gold, right now, is over $900. Another pump and dump cycle begins.

[formercia]

1. You missed your chance

to get in on the bottom of the cycle.