Gold Slides as Global Stock Markets Soar

SPOT GOLD PRICES slid from an overnight rally as the US opening drew near on Tuesday, trading 3% lower against most major currencies from this time last week while world stock markets continued to leap thanks to the promise of almost $2 trillion in tax-payers' money. The Japanese Nikkei index leapt a record 14% on the day, recovering just over half of last week's huge losses. Germany's Dax and France's Cac40 index both added to Monday's 11% record bounces, meantime, while one newspaper claimed that "[Chancellor] Angela Merkel saves Germany" and President Sarkozy was praised for arranging a pan-Eurozone bail-out costing €300 billion. The Frankfurt and Paris bourses remained 8% below last week's opening levels, however. "There's relief that banks probably won't go bankrupt thanks to the capital injection plans," says Koichi... [read full story]                    

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