Surging Gold Prices Stand to Benefit Pacific Gold (PCFG)
The market week wrapped up with reassuring words from President Bush and Fed Chief Bernanke regarding the looming mortgage and credit crisis. The words from the two officials, while on the surface reassuring, belied the deeper crisis that has gripped world markets. This news, coupled with a gold find in Papau New Guinea sent gold prices surging past $680 per ounce. Additional support for gold prices came from the inflation reading, which saw inflation rising .1%, in line with expectations. Geopolitical events are also ever present near the surface of the market. The recent comments by the President Sarkozy of…