Inflationary Hedge
October 25, 2007
Gold for December delivery closed up $5.40 at $771 an ounce on the New York Mercantile Exchange.
Investors loaded up on gold as an inflation and geopolitical hedge, but were also exhibiting a markedly higher degree of confidence in the probability of a Fed rate cut next week, in the wake of poor existing home sales data as well as the Merrill Lynch losses reported yesterday.
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