(1888PressRelease)
July 22, 2008 - While the market analysts were busy reporting the death of the gold bull, it would appear that Cornerstone Worldwide predictions that the yellow metal had a long way to run were proven correct in dramatic fashion during late European trading today.
Although Cornerstone Worldwide were by no means the first to champion gold’s traditional perception as a hedge against the inflation seeping into the very fibre of nigh on every developed or developing economy this year, they reportedly held fast following gold’s sharp correction in March this year after touching a high of $1039.90. Reports emanating from Cornerstone Worldwide Asian-based operation speculating the Federal Reserve wouldn’t rush to raise borrowing costs to curb inflation were, again, proven accurate.
Gold futures for August delivery jumped $27.40, or 3.1 percent, to $907.70 an ounce at 8:52 a.m. on the Comex division of the New York Mercantile Exchange. A close at that price would mark the biggest percentage gain for a most-active contract since Nov. 23.
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