Skip navigation


Current DateTime: 11:47:19 25 Nov 2009
LinksList Documentid: 33482595

Current DateTime: 11:47:19 25 Nov 2009
LinksList Documentid: 24355697
  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.

  • Smartphone Guide

      Here's a need-to-know guide to nine devices, based on features, price, network and platform.

  • Wines for the Holidays

      Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES


Current DateTime: 11:47:19 25 Nov 2009
LinksList Documentid: 33793611
  • How Well Do You Know Your Bird?

      Let's talk turkey. Test your turkey knowledge and perhaps pick up a bit of trivia to trot out at your holiday meal.

  • A Healthier & Wealthier You

      Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.

  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?


Current DateTime: 11:47:19 25 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
Gold Stages Biggest Gain Ever in Bid For Safety
By: CNBC.com | 17 Sep 2008 | 02:26 PM ET
Text Size

Gold staged its biggest one-day move ever Wednesday, with investors flocking to the metal amid a tidal wave of stock market uncertainty.

The price of gold [US@GC.1  Loading...      ()   ] skyrocketed more than $80 an ounce, or 10.74 percent, easily besting the previous largest dollar move of $63 on Jan. 29, 1980, and past the largest percentage gain of 10.24 on March 19, 1980.

With stock indexes tumbling as much as 4 percent during the day, traders took haven in gold as a hedge against the Wall Street fallout.

In addition to the plunging stock market, investors Primary Fund RFIXX saw its net asset value of shares fall below $1--"breaking the buck," in market parlance--and created worry that money markets were going to be the next area to feel the tremors of the credit crunch.

"I don't know that we've ever seen a move to the upside on this magnitude in gold history," Jonathan Kleisner, of Rex Capital Group, said on CNBC. "You could certainly draw a straight line from this market markets issue to the monetized, tangible safety of that gold metal."

Kleisner said gold has always been the "safe haven of last resort" for investors stung by stocks.

"There's just this uncertainty about what's next, how the credit facilities are going to recoup, really giving a question mark to where these currencies are going to flow into," he said. "Again, it drives investments to the safe haven of gold."

As the market climate progresses, Kleisner predicted more investors would move to metals including silver [US@SI.1  Loading...      ()   ], which also spiked Wednesday.

© 2009 CNBC.com
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
  • Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
  • Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
  • More shoppers than ever plan to comparison-shop this season. Who will benefit?
  • It may be the most unusual guide to business you'll read.
  • Cut Credit cards
  • How can you get out of debt and back on the road to recovery? Follow these ten steps.
ADD COMMENTS
Remaining characters


Current DateTime: 10:38:03 25 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 10:38:03 25 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 10:38:03 25 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 10:38:03 25 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters