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9/26/08

Gold Prices Back Off Highs But Remain Sharply Higher

(RTTNews) – Gold prices surged higher again as the government continues to discuss a rescue plan for struggling financials. December gold climbed to $893.20, up $11.00 on the session. Gold touched as high as $920.10 as traders turned to the precious metal as a safety outlet.

Trading took place as lawmakers and the president wrangled over a $700-billion financial relief bill that is aimed at averting what some have described as an economic “catastrophe.” Leading lawmakers and the Bush administration seemed close to an agreement on a bill designed to unclog the financial system and stabilize financial markets. However, talks broke down later in the day, and negotiations are scheduled to begin again Friday.

Washington Mutual (WM) became the latest U.S. banker to plunge after JPMorgan Chase (JPM) acquired the company’s assets for $1.9 billion after a FDIC seizure. . . .

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