Precious Metals

The Fed cut the target rate and the discount rate by 50 basis points last night. The Dow rallied 336 points. The US dollar fell to a record low. Gold surged to a 27-year high. Oil surged to a record high. The Aussie jumped US2c.

Increasingly bellicose rhetoric from Dick Cheney with respect to Iran helped to push oil and gold higher last night as Wall Street awaited the Fed.

The Dow reversed a 100 point fall on Friday as poor economic data cheered a market hoping for a big rate cut.

Good news from McDonald’s and GM pushed the Dow higher in light trade while the financial sector also benefited from some positive developments.

The only way for spot gold remains up, experts and market commentators believe, and firmly so.

Wall Street range traded last night as oil and wheat posted record highs and the dollar fell to an all time low against the euro. The I-word is back.

Newcrest has become the latest major gold producer to commence buying back its hedge book. A thumbs up from analysts everywhere.

The Dow put on 180 points last night as Bernanke said nothing in Europe, the US dollar weakened, gold surged, and oil hit an all time high.

Wall Street was unsure just what clues were provided by various Fed statements last night, while a Japanese recession looks more clear.

Credit Suisse prefers gold and platinum above silver and palladium.