Gold, silver rocket as recession fears deepen | California Debt ...

Gold ?nd silver zoomed again Friday, ignoring strength ?n th? dollar, ?? th? dismal U.S. jobs report f?r August drove ??m? investors back ?nt? haven-seeking mode. Near-term gold futures ?n N?w York closed w?th a gain ?f $47.70, ?r 2.6%, t? $1,873.70 ?n ounce. It w?? th? metal?s b?gg??t one-day advance ??n?? early August, ?nd left ?t ???t 0.8% below th? record closing high ?f $1,888.70 set??n Aug. 22. Silver ?l?? rocketed, rising $1.54, ?r 3.7%, t? $43.02 ?n ounce. Silver remains below ?t? 30-year high ?f $48.58 reached??n April 29. Th? government?s report th?t th? economy ?r??t?d n? net n?w jobs last month stoked fears th?t recession ?? becoming a self-fulfilling prophecy, ?ft?r th? global market turmoil ?n August. W?th stocks crumbling worldwide Friday, gold ?nd silver attracted frightened money, ???t ?? th?? d?d f?r much ?f last month. ?Th?? economy ?? ?n real tr??bl?,? ???d Matt Zeman, a market strategist ?t Kingsview Financial ?n Chicago. Wh?t?s more, even though th? Federal Reserve ?? expected t? try another rescue b? aiming t? pull long-term interest rates lower, falling rates ???ld h?l? th? case f?r gold b? m?k?ng bond yields less attractive ?? ?n alternative investment. Gold ?nd silver ?l?? g?t a boost ?? Europe?s never-ending debt crisis took another b?d turn, ?? Greece fell behind ?n austerity measures ?t m??t meet t? qualify f?r more euro-zone aid. Wh?l? th? Dow Jones industrial average slumped 253.51 points, ?r 2.2%, t? 11,240.26 ?n Friday, th? average blue-chip stock ?n Europe fared much worse, tumbling 3.7%. Europe?s latest mess h?l??d bolster th? dollar. Th? euro fell 0.4% t? $1.419, ?t? lowest level ??n?? Aug. 10. Th? dollar ?l?? gained against a number ?f ?th?r currencies. Historically, wh?t?s g??d f?r th? dollar usually ?? b?d f?r gold, ?t? archrival. B?t gold h?? b??n ?n ?t? ?wn bullish world f?r much ?f th? summer, paying l?ttl? attention t? th? dollar?s moves. Th? metal now looks primed t? try another r?n f?r $2,000 ?n ounce. Gold reached $1,917 intraday ?n Aug. 22, th?n w?? slammed b? profit-taking th?t took th? price ?? low ?? $1,707 ?n Aug. 25. W?th th? economic backdrop worsening, ?I th?nk w??re going t? see $2,000 gold here very, very shortly,? Zeman ???d. Th? b?gg?r q???t??n m?? b? th?? one: If gold d??? top $2,000, d??? th?t spark another round ?f profit-taking ? ?r a panic r??h ?n b? investors wh??ve ?? far missed gold?s 11-year bull market? RELATED: Job growth grinds t? a halt World stock market tally f?r August: 2 up, 43 down 2011 shaping up t? b? w?r?t year ???r f?r n?w home sales ? Tom Petruno Photo: Gold bars ?t gold ?nd silver separating plant ?n Vienna. Credit: Lisi Niesner / Reuters

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Gold, silver rocket ?? recession fears deepen

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