The gold price
Breaking News! Gold Breaks $1,000 on Bear Stearns Bail-Out - 14 March 2008
"The situation is very much that Bear Stearns was very close to the edge and it was much worse than we all thought," says Michael Klawitter, an analyst at Dresdner Kleinwort.
"It raises severe concerns over other banks."
The news that the Federal Reserve of New York and fellow investment bank J.P.Morgan Chase are providing 28-day liquidity loans to Bear Stearns also drove the US Dollar sharply lower on the currency markets.
The Dollar sank one per cent below ¥100 to reach a new 12-year low vs. the Japanese currency. The European single currency spiked to a new all-time high above $1.5680.
For more news & analysis from Friday's Gold Market action, see our London Gold Market Report here...
Adrian Ash runs the research desk at BullionVault, the physical gold and silver market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and is now a regular contributor to many leading analysis sites including Forbes and a regular guest on BBC national and international radio and television news. Adrian's views on the gold market have been sought by the Financial Times and Economist magazine in London; CNBC, Bloomberg and TheStreet.com in New York; Germany's Der Stern and FT Deutschland; Italy's Il Sole 24 Ore, and many other respected finance publications.
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