Will Hurricane Rita Dump Europe’s Pot of Gold?

Europe gold pauses below new highs

While the price of gold hit a near 18-year-high of $475 yesterday, gold paused in Europe today. The price of oil dropped to less than $66 a barrel today in hopes that hurricane Rita will miss the Texas oil refineries near Houston. The markets are waiting to see what hurricane Rita will do. “High oil prices enhance gold's reputation as a safe haven asset.”