- Why Is Market So 'Tired' With Good News?
- What Exactly Have Greeks Agreed To?
- A Greek Deal, but What Is the Deal?
- No Greek Debt Deal? No Problem! (Maybe)
- Irish Finance Minister Causes Draghi's Worst Nightmare
- Caesars' Wild Open
- Forget the Incredible Shrinking Greek Politicians—It’s Draghi Time!
- Trading Day Has Lots of Moving Parts
- Overcoming Distrust Between the Germans and the Greeks
- Is Merkel Too Comfortable With Greek Default?
- Bonus Bloodbath: Europe Banker Backlash Continues
- Stocks Looking Past Europe for a New Driver of the Rally
- SEC Reaches Settlement in Bear Stearns Fraud Case
- Israel Likely to Bomb Iran This Year: Political Analyst
- EU Agrees Rules for $700 Trillion Derivatives Market
- The World's Best Beers
- In Europe, Stagnation as a Way of Life
- Citigroup Takes $50 Million Loss in Lending Rate Probe
- Criminal Probe Trail Going Cold at MF Global
MOST SHARED
- Criminal Probe Trail Going Cold at MF Global
- Global Markets Update: Markets Soften After Failure to Clinch Greek Deal
- Israel Likely to Bomb Iran This Year: Political Analyst
- Bank of America’s Worst-Case Scenario Gets More Real
- EU Agrees Rules for $700 Trillion Derivatives Market
- Stocks Seen Lower; Greek Debt Hurdles Remain
- CPAC 2012: Energized or Demoralized?
- Greek Aid Deal 'Much Better' Than Euro Exit: Summers
- Global Markets Update: European Markets Follow Asia Lower
- Greeks on Strike as the Second Bailout Is in Limbo
MOST POPULAR
HOT ON FACEBOOK
Gold Stages Biggest Gain Ever in Bid For Safety
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.
Data is a real-time snapshot *Data is delayed at least 15 minutes
