Kiwi dollar falls as commodities take a thrashing

Kiwi dollar falls as commodities take a thrashing

Gloom settles over international markets; confidence vanishes

Gold has fallen sharply again and is now down to US$1,550 / oz.

US oil is down sharply as well, trading at just US$78 / barrel after earlier flirting with US$77 / barrel.

The NZ$ is currently at NZ$1 = US$0.7680 after being as low as US$0.7640.

Against the euro, NZ$1 = €0.5723.

The carnage is just ahead of the markets opening in London.

It's going to be a tough night.

The IMF is warning that it may not have the resources to help stem the collapse, without having to go to members nations for more funds.

How would you feel about New Zealand having to contribute "its share" to prop up a bankrupt Europe?

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