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Gold Watch: Fed cut inspires gold leap
Posted on October 31, 2007
Gold futures finished the day up $8.20 to close at $796 on the New York Mercantile Exchange. Price per ounce jumped above $800 an ounce for the first time since 1980 after the Fed cut the funds rate by a quarter point to 4.5%, Marketwatch reports. Bullish crude, bullish gold, said Zachary Oxman, a senior trader at Wisdom Financial. I think the Fed had a choice, housing or inflation, and they chose housing. As such, you've got inflationary pressures running rampant despite what the government tells us. I'd peg real inflation at over 6% and I think that will continue to put pressure on the d...
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