Posted AT 5:50 PM EST on 17/09/08
Gold surges as 'great unwinding' of stocks continues
Gold prices surged to their largest one-day dollar gain in history as investors sought a safe haven from a “great unwinding” on North American stock markets, brought on by the rapid implosion of financial stalwarts such as Lehman Brothers Holdings Inc. and American International Group Inc.
“This cataclysmic period will bring about drastic changes to the financial sector,” said Louis Gagnon, a finance professor at Queen's University in Kingston, Ont.
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