| Gold Seeker Closing Report: Gold and Silver Gain Roughly 1% More While Bernanke Speaks
Gold eventually fell slightly in mixed trade in Asia to as low as $826.85 before it rebounded in London and rose to find about $15 gains at as high as $845.65 by late morning in New York, but it then sold off markedly in afternoon trade and dropped to as low as $830.40 ahead of a nearly $5 rebound into the close that left it with a gain of 0.54% at a new 27 year high. �Gold futures surged to finish at a record closing high of $837.50 an ounce on Thursday, topping the previous session's record by $4. The yellow metal was boosted by the dollar's fall against major rivals after Federal Reserve Chairman Ben Bernanke said that the weaker dollar is a key inflation risk. Gold for December delivery finished up $4 at $837.50 an ounce on the New York Mercantile Exchange. The previous record close was $833.50, set on Wednesday.
$400,000 stolen in Tempe bank robbery
The FBI is offering a $50,000 reward for any information leading to the arrest of three bank robbers who stole $400,000 from the Wells Fargo bank near McClintock Drive and Warner Road in Tempe Friday morning.
FBI's John Lewis said the three men are smarter than the average bank robber and appear to have been planning the robbery for some time. Lewis said the robbery was committed after two armed suspects held the manager of the bank and his wife hostage at their Chandler home overnight. They then made the manager take them to the bank Friday morning where the robbery was carried out.
The FBI said that the bank robbers also held the manager of a Desert Schools Federal Credit Union in Chandler and his family hostage Wednesday night. They released them a short time later after realizing they wouldn't be able to carry out the robbery.
Ag Expo dairy venue gets Farm Credit in its name
Operators of the World Ag Expo in Tulare are renaming the Tulare Dairy Center the Farm Credit Dairy Center.The 80,000-square-foot dairy pavilion houses hundreds of dairy exhibits during the annual expo every February. It is the most highly visited area of the grounds by show attendees.Edward Jones, vice president of Farm Credit West, said Farm Credit associations have been "supporters of the Agri-Center for years and agriculture since 1916."The Farm Credit system is the largest lender to agriculture in the United States.A special ceremony to unveil the Farm Credit Dairy Center will take place in the coming months. A specific date has not been selected.Participating sponsors in the Farm Credit Dairy Center naming include: Farm Credit West, American AgCredit, Yosemite Farm Credit, CoBank/Farm Credit Leasing, Fresno Madera Farm Credit, Sacramento Valley Farm Credit, Farm Credit Services Southwest, Northwest Farm Credit Services, Farm Credit Services of America, Northern California Farm Credit and Federal Land Bank Association of Kingsburg.The 2008 World Ag Expo is Feb.
European exchanges fall sharply
EUROPEAN stocks fell more than 2 per cent overnight as credit woes hurt financial shares such as Swiss bank UBS and as miners were hit by prospects of weaker demand due to slower economic growth. The pan-European FTSEurofirst index dropped for a third straight session to end down 2.1 per cent at 1462.76 points -- its lowest close since August 16. The benchmark index, which turned negative for the year to the tune of 1.4 per cent, is down almost 12 per cent from its multi-year high set on July 13. "It is once again the financial sector that has led to the latest bout of nervousness," said Philipp Vorndran, senior investment strategist at Credit Suisse Asset Management. "In some instances the writedowns have been larger than expected and the fear now is that there may be more negative surprises to come," Vorndran said.
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