DETROIT (WWJ) - The ongoing budget debate helped send Wall Street to a down day. The Dow fell 88 points Monday, while the NASDAQ composite index was off 16.
But as often happens, there is one silver lining in this market uncertainty … gold! WWJ & Fox 2′s Business Editor Murray Feldman explains the rise in gold prices.
“When investors are concerned about stocks they often take their money out of stocks and put it some place where they can hold it, into something they can feel and touch, like commodities, and that is why gold has been going up, it’s seen as a safer place to wait out the uncertainty and as long as the stock market gets the jitters over the debt problem – gold may be the place to hide for a lot of investors,” said Feldman.
Closing at over $1,600 per ounce, the price of gold is at record highs.