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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 368.29

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Nov 7 4:00 PM EST

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To: Rolla Coasta who wrote (40264)	9/23/2008 5:22:13 AM
From: elmatador	Read Replies (1) of 217591

Don't hold SUV! Oil leaps $16, biggest ever daily gain Tue 23 Sep 2008 LONDON (SHARECAST) - US crude oil prices rose as much as $16 Monday, its biggest daily gain since it started trading on the New York Mercantile Exchange in 1984. Analysts were scratching their heads as to why crude experienced such a huge surge. A steep fall in the dollar, volatility as the October contract expired and steep declines on Wall Street all played a part in ramping up oil prices. As the contract expired Monday short sellers rushed to buy the October contract to pay back their debt, helping to send oil prices through the roof. Crude for October delivery rose $16.37 finishing the session at $120.92 a barrel on the New York Mercantile Exchange. The October contract reached a high of $130 in afternoon trading, before settling lower. The sharp rise prompted the Commodity Futures Trading Commission, the government agency that monitors the oil market, to issue a statement saying it is "closely monitoring" oil prices. In precious metals gold for December delivery rose $44.30 to close at $909 an ounce as investors jumped out of the dollar into commodities. The yellow metal rallied as the government’s rescue plan sent the greenback sharply lower against major currencies. Gold has endured sharp price fluctuations in the last week as the market digests the government’s massive bailout plan. Other precious metals also moved higher with December silver rose 98 cents to $13.45 an ounce while October platinum rallied $88.80 to $1,235.80.

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