Gold News & Info

Source: Marketwatch

New York— Gold futures closed with gains Friday after surging to a record high of $1,009 an ounce earlier, as investors sought a safe haven following news of a bailout of troubled investment bank Bear Stearns. Gold for April delivery rose $5.70 to end at $999.50 an ounce on the New York Mercantile Exchange. Earlier in the session, gold hit a record of $1,009. Gold posted a weekly gain of $25.30 from last Friday's closing level of $974.20 an ounce.

"The Bear [Stearns] news seems to be blowing this market up through $1,000," said Zachary Oxman, a senior trader at Wisdom Financial. "Bear is the first, who is next? That question is haunting investors right now and they are looking for a flight to quality," Oxman said. "Expansion of the monetary supply continues at an aggressive pace and simultaneously fear and panic are starting to emerge, and confidence in the system is deteriorating quickly," said Peter Spina, an analyst at GoldSeek.com. "As it deteriorates further, a greater awakening will occur and the move into gold will turn into a rush," Spina said. "In a year from now, I suspect gold at $1,000 and silver at $20 will look cheap to us." See full story.