Gold up 3 percent and briefly clears $1,030/oz

Gold up 3 percent and briefly clears $1,030/oz

biz.yahoo.com

TOKYO (Reuters) - Gold prices shot up more than 3 percent to fresh record highs as investors stepped up buying of the yellow metal, whose luster has increased due to the dollar's weakness and deepening U.S. financial woes.

(visit the link for the full news article)

The dollar keeps sinking now at $1.59 to the Euro, oil over $111/barrel, and Silver is over $21/ounce.

As I type this the Asian markets are down quite abit.

The Hang Seng down by almost 5% or over 1,000
The Nikkei down over 400 or almost at 4%

I fear there may be a massive drop when the US Markets open later this morning.

Considering there are already reports of tent cities in California and gas there is already $4/gallon, these could be signs of things to come to the rest of the nation.

biz.yahoo.com
(visit the link for the full news article)

[edit on 17/3/08 by MikeboydUS]