Gold prices post biggest 1-day gain ever

[Project Grudge]

"Gold prices exploded Wednesday—posting the biggest one-day gain ever in dollar terms—as fears of more credit market turmoil unnerved investors and triggered a flood of safe-haven buying.

Gold for December delivery rose as much as $90.40, or 11.6 percent, to $870.90 an ounce in after-hours trading on the New York Mercantile Exchange after jumping $70 to settle at $850.50 in the regular session. That was the biggest one-day price jump ever; "

http://www.breitbart.com/article.php?id=D938MA302&show_article=1

I should've listened to those pitchmen on the radio and late-night television and gone into GOLD. lol.

[Muttocracy]

1. I hear all those ads now that I listen to Air America and I'm baffled.

Why is a soft nonreactive metal valuable?! Steel or copper or oil or corn - these things I understand. Gold I don't get.

[lapfog_1]

4. It's shiny!!! and rare.

Actually it has a lot of industrial uses... excellent conductor of electricity, many high end audio and computer systems use some gold for contacts... and many other uses as well.

[Muttocracy]

7. Ah, didn't know about computers, that makes more sense

Still, seems like that is small quantities.

And I don't own any "real" jewelry so maybe it's just me :)

[tridim]

2. I'm sure lots of us poor saps would love to have the extra income available to buy gold.

I can't even afford to buy one ounce. Gold is for rich people.

[SurfinBetty]

3. Time to sell (nt)

[slackmaster]

5. We'll never hear the end of it on AM radio

:argh:

[CJCRANE]

6. "Modern industrial uses include dentistry and electronics

where gold has traditionally found use because of its good resistance to oxidative corrosion."

http://en.wikipedia.org/wiki/Gold

[ProdigalJunkMail]

8. the money is going to go somewhere...

flee the markets to commodities...figures...

sP