Silver and Gold Rise with Oil
New York Gold tumbled early but recovered to
register a small gain as oil prices climbed on
concerns that Hurricane Gustav could threaten
oil production in the Gulf.
Crude oil for October finished up $1.16 to
$116.27 a barrel.
Silver for September gained 11 cents to close to
$13.58 an ounce.
October platinum dropped 1% to end at $1,421 an
December gold shook off earlier losses to climb
$2.40 to close at $828.10 an ounce, sharply
higher than its intraday low of $812 an ounce.
"Just as gold conspiracy agitators were ready to
declare another day of ‘curious’ bloodletting in
the bullion markets, things turned around and
surprised them," said senior analyst Jon Nadler
at Kitco Bullion Dealers.
"As Hurricane Gustav started to register as the
threat it might become to the Gulf, energy
traders slapped a quick $2 premium on the price
of a barrel of dino juice, and …presto! Market
recovery," continued Nadler.
Gold typically follows oil and moves opposite to
the dollar, as a weakened dollar encourages
investors to buy gold, also considered a hedge
during times of high inflation and economic
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