Gold Surges On Flight To Quality

Gold is on fire today as investors around the world seek a safe haven due to turmoil in the Russian stock market and the seizing up of the credit markets. Gold Spot is up $59, or 7.6%, today to $838.80 per oz.

Russia suspended trading on its two main stock markets for the second day after the worst one-day drop since 1998.

In the credit markets, the TED spread widened the most since the October 1987 stock crash today following the collapse of Lehman Brothers, the bailout of AIG, and now problems after a large money market fund 'broke the buck.'

Gold ETFs and individual stocks are feeling the benefit from the move: SPDR Gold Shares (NYSE: GLD) +7.5%, Market Vectors Gold Miners ETF (AMEX: GDX) +10%, Harmony Gold Mining Co. Ltd. (NYSE: HMY) +10.9%, Yamana Gold, Inc. (AUY) +8%, Barrick Gold Corporation (NYSE: ABX) 10%, Goldcorp Inc. (NYSE: GG) +11%, Newmont Mining Corp. (NYSE: NEM) +9%, Kinross Gold Corp. (NYSE: KGC) +6%, Agnico-Eagle Mines Ltd. (NYSE: AME) +6.7%.

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