[i]Stock markets around the world plummeted Friday and oil prices plunged to their lowest in more than a year. Even gold, the traditional safe haven in times of panic, fell sharply.
The common denominator was growing fears that governments, central banks and finance ministers seem powerless to stop the deepening of a global recession that will slam corporate earnings and lead to deep job losses around the world…
Oil fell sharply and traded near $63 a barrel amid weakening global demand for crude – despite a decision by the OPEC cartel to cut production quotas by 1.5 million barrels a day from next month.
The dollar plunged below 93 yen, a 13-year low. Gold fell as low as $681 an ounce, its lowest since January last year. [/i]
It appears cash is king.