Daily Gold Update

Source: Marketwatch

New York— Gold futures tumbled 3% Thursday in a broad commodities sell-off, coming under heavy pressure amid a global stock rout fuelled by deepening troubles in the credit and subprime markets. Gold for December delivery tumbled $21.70, or 3%, to close at $658 an ounce on the New York Mercantile Exchange.

"You're facing a serious and under-appreciated global liquidity crisis, Zachary Oxman, senior trader at Wisdom Financial, said in emailed comments. "This is a serious problem and it's time for the powers that be to recognize the size and scope of this issue and step in — an epidemic. Right now, parties are all running for the door to get any and all the cash that they possibly can on their books to cover calls and redemptions." See full story.