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Gold Watch: Big vault on record oil
Posted on May 16, 2008
Gold futures finished Friday trading up $19.90 to close at $899.90 on the New York Mercantile Exchange. MarketWatch reports: Crude oil hit a new record high, vaulting the precious metal s appeal as an inflation hedge. Ever since gold became free trading in the early 70s, we've been telling you, 'Buy it as an inflation hedge,' said Peter Grandich, editor of the Grandich Letter. Everywhere one looks they see prices and costs rising, he said in emailed comments. And as the inflation concerns grow, so should the price of gold. Safe-haven buying is likely to have reemerged on both the surgi...
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