Gold up $16
A reprieve in risk sentiment sapped gold yesterday but it has stormed back as a fresh wave of fear washes over markets.
A serious round of near-panic is gripping markets at the moment and it could get ugly at the stock market open.
Gold has been safe and relatively stable harbour in the turmoil so far this year. The problem with gold at the moment is that it's a commodity and anything that's a commodity looks suspect.
However, I think the market could eventually reward gold in a big way if the Fed turns heel and the fear gets worse.
