Business: Stampede for Precious Metal

Bullion goes berserk as investors chase it to mid highs

Spectacular and ever increasing jumps in the price of man's most treasured metal have become almost routine: from $400 per oz. in October to $500 in late December, to $600 in early January. Last week gold left even its most frenzied boosters gawking in astonishment. In five wild and erratic trading days it leaped by an incredible 34%, closing the week at $808 in New York, at $823 in Hong Kong, $835 in London and Zurich.

It was one of the most dazzling run-ups in history, and it underscored the enduring psychological lure...

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