By Staff | January 11, 2008 | Last updated on January 11, 2008
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(January 11, 2008) Gold futures spiked on the New York Mercantile Exchange on Friday, as traders speculated that the U.S. Federal Reserve would deliver another interest rate cut to prop up the flagging U.S. economy.

Gold hit $900 an ounce for February delivery, setting an all-time high in terms of dollar value, although that’s only about half the inflation-adjusted prices seen in the 1980s.

The spike is just the latest in a series of knock-on effects from the U.S. sub-prime mortgage market, which experts say will test the market in March when the largest cohort of mortgages are reset to higher interest rates.

The effects of gold’s surge have been felt around the world, with most global indexes falling, while the precious metals sector has propped up the TSX.

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Creststreet files flow-through prospectus

(January 11, 2008) Creststreet has announced the filing of a preliminary prospectus for the IPO of Creststreet 2008 Limited Partnership, a flow-through fund seeking to raise $50 million.

The fund will invest in flow-through shares of companies exploring for oil, natural gas and minerals, as well as those in the renewable energy sector. Investors should receive tax deductions equal to 100% of the amount invested for the 2008 taxation year.

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CI names new general counsel

(January 11, 2008) CI Financial has appointed Sheila A. Murray as senior vice-president and general counsel, making her responsible for all legal, regulatory and compliance matters for the firm and its subsidiaries.

“CI is fortunate to have attracted a senior lawyer of Sheila’s calibre to our senior executive team,” said Stephen A. MacPhail, president of CI Financial. “Sheila’s 25 years of experience in M&A, regulatory issues and governance is a perfect fit for CI.”

Prior to joining CI, Murray was a senior partner at Blake, Cassels & Graydon LLP, specializing in corporate finance and mergers and acquisitions.

(01/11/08) staff


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