Gold Extends Early Gains As U.S. Stock Market Losses Steepen

(Kitco News) - Gold prices continue to get a safe-haven bid and are posting solidgains in late-morning trading Friday--adding to early advances as the U.S.stock market trades sharply lower. The major U.S. stock indexes have hitmulti-month lows today and are presently at daily lows. Look for gold prices tocontinue to appreciate as long as there is turmoil in the marketplace. The move above what was chart resistance at $1,243.00 inDecember gold futures triggered heavy buy stop orders to drive prices stillhigher. December gold was last up $11.50 an ounce at $1,244.20.

By Jim Wyckoff

For Kitco News

Follow @jimwyckoffjwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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