Oil down as the US dollar jumped, gold up as fear rose.
Normal behaviour in times of stress.
Just how long gold can continue running at close to all time highs is another thing.
Another week like last week and the stampede of investors out of riskier investments will sweep gold higher.
The drive was the fear over Europe, Greece, banks and a re-run of the crunch of 2007 and the crash of 2008.
The euro fell to a 14 month low against the US dollar and an eight year low against the Yen.
Other currencies like the Aussie, Canadian and NZ dollars were sold off.
Today, the euro will take the brunt of the reaction to the EU defence mechanism and support put in place over the weekend and that impact will be taken first in Asia, with the major markets, Australia, Tokyo and Singapore, seeing the reaction.
The EU support has to be credible to steady confidence and the markets.
Gold got to within sight of its all time high of $US1217 an ounce on Friday.
Gold futures closed at highs not seen since early last December.
Gold dealers in the US and Europe reported heavy runs by investors anxious to put their money into physical metal.
The reports were reminiscent of the days after the Lehman Brothers collapse.
Some dealers were reported by Reuters and other agencies as having their biggest selling day since late 2008.
Gold for June delivery ended $US13.10 higher on Comex in New York at $US1, 210.40 an ounce, a five-month high for the metal.
It’s close to its December 3, 2009 all time peak of $US1, 217.40 an ounce.
Besides coins and bars, investors hopped into gold exchange traded funds and coins and bars, with bullion holdings in the biggest gold-backed ETF rising 20 tonnes on Thursday, the largest rise for a single day since February of last year.
Copper for July delivery gained 2.75c to $3US.1445 a pound. Despite the rise, it finished around its lowest point since mid-February 2010, losing 6.3% over the week.
Comex silver jumped to $US18.32 an ounce against $US17.61 on Thursday and platinum and palladium both rose sharply as well.
Platinum rose to $1,660.50 an ounce from $1,625, while Palladium was at $510, higher than the $502.50 late in New York on Thursday.
