NewsMine — economy — united-states — 2007-jan-may — Viewing Item

Gold selloff continues to cover equity losses { February 2007 } Original Source Link: (May no longer be active)    http://bloomberg.com/apps/news?pid=20602013&sid=auxuMC_VI4XA&refer=commodity_futures http://bloomberg.com/apps/news?pid=20602013&sid=auxuMC_VI4XA&refer=commodity_futures Gold Falls for Fourth Session as Equity Slump Spurs Metal Sales By Millie Munshi March 14 (Bloomberg) -- Gold prices in New York fell for the fourth session in a row as some investors sold the metal to cover another round of losses in equities. European, Asian and U.S. stock markets declined on concern that U.S. mortgage delinquencies will spread and curb economic growth. Gold has dropped 6.2 percent since Feb. 27, when Chinese stocks tumbled the most in 10 years, helping to spur the worldwide rout in shares. ``Everybody has one eye on the stock market,'' said Ron Goodis, director of Equidex Brokerage Group Inc. in Closter, New Jersey. ``Gold is still liquidating, and people are interested in selling positions because the stock market has come down so sharply.'' Gold futures for April delivery fell $5.40, or 0.8 percent, to $644 an ounce at 11:48 a.m. on the Comex division of the New York Mercantile Exchange. A close at that price would mark the biggest percentage drop since March 5. Before today, the metal had gained 19 percent in the past 12 months. The Morgan Stanley Capital International World Index, which measures stocks in 23 major markets, dropped as much as 1.2 percent after sliding 1.4 percent yesterday. The Dow Jones Industrial Average yesterday tumbled more than 240 points, or 2 percent. People who had equity losses are selling gold and ``looking to raise dollars,'' said Frank McGhee, head trader at brokerage Alliance Financial LLC in Chicago. Silver for May delivery fell 12 cents, or 0.9 percent, to $12.84 an ounce. Before today, the metal had gained 28 percent from a year ago. Platinum and palladium futures also dropped. A futures contract is an obligation to buy or sell a commodity at a fixed price for delivery by a specific date. Last Updated: March 14, 2007 11:50 EDT

Almost 7m kids die a year from hunger Anxiety over housing market pulls down stocks { March 28 2007 } Credit counselors overwhelmed by mortgage crisis Dollar drops under half british pound { March 2007 } Dollar may fall on weak manufacturing { December 2007 } Dollar nears record low against euro { March 2007 } Dow fell over 500 points { January 2007 } Dow hits 12800 record high { March 2007 } Existing home sales fall 8 percent { March 2007 } Factory orders plunge { March 6 2007 } Gold selloff continues to cover equity losses { February 2007 } Greenspan warns of US recession { January 2007 } Hershey cuts jobs builds plant in mexico { January 2007 } Home prices to fall for first time since great depression { April 12 2007 } Investers sell gold to recover market losses { January 2007 } January 2007 new homes sales fall 17 percent Jobless numbers highest in weeks { December 2007 } Late mortgage payments up forclosures surge { March 14 2007 } Retail sales fell sharply last month { May 11 2007 } Soaring rates risks 2m american homes { March 14 2007 } Stocks plummet on subprime concerns Trade deficit with china reaches record 214b { January 10 2007 } US food prices spiked { March 2007 } US productivity growth behind EU for first time { December 2007 } Wallstreet plummets after chinese stocks drop { January 2007 } Files Listed: 25

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