Red-Hot Resources

"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Tuesday, October 07, 2008

News for Today

I've been putting out a bunch of issues today. The rally that looked so sure this morning has faded away. The close should be interesting. Meanwhile ...

`Windfall' Bullion Price for Newcrest, Australian Miners: Chart of the Day Newcrest Mining Ltd., Avoca Resources Ltd. and rival Australian gold producers are set for ``windfall'' gains as the value of the precious metal in Australian dollars climbed to a record as the local currency fell.

Crude Oil Gains as Drop Deemed Excessive, on OPEC Output Cut Speculation Crude oil rose for the first time in five days as an interest-rate cut in Australia triggered speculation that other central banks will ease policy to shore up economic growth.

Gold Climbs on Haven Buying, Speculation Central Banks Will Reduce Rates Gold rose for a second day in London, buoyed by demand for a haven from financial market turmoil as banking shares tumble around the world. Platinum also rose.

Libor for Overnight Dollar Loans Jumps; Banks Seek Cash as Freeze Deepens The cost of borrowing in dollars overnight in London jumped as U.K. lenders held talks with the government on emergency funding and Iceland nationalized its second-biggest bank amid an unprecedented credit squeeze.

Europe May Raise Deposit Insurance Fivefold in Response to Global Crisis European Union finance ministers are considering a fivefold increase in deposit insurance for consumers across the EU after failing to agree on a U.S.-style bank-bailout fund to stem the deepening global credit crunch.
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