It was another bad day on Wall Street. The news that Bear Sterns is insolvent rattled the markets. Stocks fell sharply and the dollar lost more ground heading for 1.57 against the euro.
Gold rose again and closed for the first time above one thousand dollars per ounce. The price of gold tends to rise in periods of uncertainty as people trade paper money for the real thing.
In the article quoted by Ricardo in the post below, the author is a bit indignant about financial regulators lying to the public. Now, let's face it: at this point in time if regulators were to disclose the full truth to the public the financial system would collapse tomorrow.
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