Market Overview

Wall Street Reopens After Hurricane Sandy, Gold Price Up, Reports Gold Price


After Hurricane Sandy forced the first 2-day shutdown of Wall Street since 1888, stock and commodity exchanges have reopened Wednesday, giving the gold price a solid boost, reports Gold Price.

New York, NY (PRWEB) October 31, 2012

The 900-mile superstorm, Hurricane Sandy left New York and the east coast in peril, forcing the first 2-day shutdown of Wall Street since a blizzard that occurred in 1888. Many were unsure if Wall Street would reopen quickly after rumors sparked through the Internet about 3-feet of water on the trading floor. Fortunately, Wall Street has reopened Wednesday after the mayor of New York City, Michael R. Bloomberg, rang the opening bell of the New York Stock Exchange, which happens to be running on generator power. Shortly after, the gold price jumped up $11 to $1,720 per ounce and climbing.

Arthur McGuire, Vice President of Gold Price says “There is no doubt that the gold price is increasing today as a direct result of higher safe-haven buying in the United States. Hurricane Sandy was a realization to America that we are not ready for the catastrophic effects of global warming. This is an ideal time for investors to purchase gold because not only is the price going up, but it's also one of the most preservative assets in history.”

McGuire adds “The gold price will benefit from two major factors in the coming weeks; higher safe-haven buying and elections. We are projecting that the gold spot price could reach $1,800 per ounce by the end of the year, and closer to $2000 per ounce in 2013.” (GP) is a leading precious metals website since 1992. They offer investors a free award-winning gold starter's kit by visiting or calling 1-800-767-1423.

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