Gold futures close with gains on safe-haven buying

[formercia]

Source: MarketWatch

http://www.marketwatch.com/news/story/gold-rises-safe-haven-buying-amid/story.asp

Gold futures close with gains on safe-haven buying
By Polya Lesova, MarketWatch
Last Update: 4:24 PM ET Aug 10, 2007

NEW YORK (MarketWatch) -- Gold futures rallied Friday, as traders recognized the metal's allure as a safe haven amid worsening credit market troubles that prompted a fresh injection of cash by several central banks.
"Suddenly, the world is realizing that gold is still a safe haven asset," said James Moore, metals analyst at TheBullionDesk.com. "We've seen pretty substantial losses in equity markets."
"I think this is genuine safe-haven buying," Moore said.
Gold for December delivery rose $8.80 to close at $681.60 an ounce on the New York Mercantile Exchange. However, the contract posted a loss of $2.80 on the week.

Read more: http://www.marketwatch.com/news/story/gold-rises-safe-haven-buying-amid/story.asp

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New lamps for Old.....

[nevergiveup]

1. So what do you think?

My stocks have all taken a big hit. Is this the time to buy gold? Is it really a safe-haven when everything else is up for grabs?

[formercia]

2. I would if I had any money.

Personally, I like Palladium and Platinum but their price is dependent on industrial demand and the jewelry trade. When the economy goes bust, so will the Platinum group.
Gold coins cost a premium but in tough times, a Canadian Maple Leaf will go a long way.

I put mu money into guns when they were still reasonably priced. Right now, ammunition is way up due to the cost of metals used to make them.

I had a discussion with someone a long time ago about the choice between guns and Gold. I said that with Gold, I could buy whatever I needed for my family to survive. My friend said with guns, He would have my Gold and still have his guns. He did make a good point.