Just a recap of the day 1. The G20 settled markets with a comminiques overnight on Thursday, pledging to "take all actions to preserve the stability of banking systems and financial markets as required".
2. In London the FTSE 100 opened up 1.2pc with banks rising strongly, but the bounce was shortlived. By 10.45am the index had tumbled through the psychologically important 5,000 level after reports that Greece saw orderly default as possible. The mood was darkened after an EU spokesman said there were not plan to further recapitalise eurozone bank - other than what has been done. This seems to contradict the thrust of the G20 statement.
3. By lunchtime the market was turning around after rumours of further ECB measures to support the eurozone economy. Sentiment was further boosted by comments from Osborne at the IMF annual meeting in Washington. He said Europe had until the G20 meeting in Cannes in November to solve the political crisis in the eurozone. This six-week deadline seemed to give investors hope that leaders understood the urgency of the eurozone's situation.
4. London's leading shares close up 0.5p on the day, but down 5.6pc on the week. Markets in Germany, France, Italy and Spain also rose, closign up 0.6pc, 1pc, 2.1pc and 1.36pc respectively. However, after European markets closed the Dow Jones and the S&P 500 seemed to be trading sideways as nerves returned.
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Gold crashed more than $100 lower on Friday as a slide turned into a free-fall, with weeks of volatility, renewed strength in the dollar and talk of hedge fund liquidation wrecking its safe-haven status.
Widespread talk of possible selling by big hedge funds covering losses in other markets set off one of the biggest routs on record. Silver futures, which had attracted even more speculative funds over the past year, dived nearly 17 percent, the biggest daily loss since 1987.
Gold slumped by more than 6 percent -- its biggest slide since the financial crisis in 2008 -- to hit its lowest since the start of August as this week's losses accelerated, even as stock and oil markets stabilised after Thursday's rout.
Even after the steep loss, gold remained up 16 percent for the year to date. Spot silver was down almost 1 percent for the year.
Mounting fears this week of a global recession and a deepening Greek debt crisis made investors treat precious metals like any commodity, ignoring the safe-haven appeal that had made them a must-have in times of trouble.
Read more: High-Flying Gold Crashes in Record $100 Free-Fall
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Investor Jim Rogers is holding U.S. dollars even though he says they are not the "safe haven" many investors appear to believe.
The dollar "is going up against everything right now” for a number of reasons, one of which may be that everybody is panicking "and for some reason they’re rushing into the U.S. dollar,” Rogers told CNBC.
“The U.S. dollar is not a safe haven, if you ask me, but I do own it,” says Rogers. “Agriculture prices [are] getting banged right now. I am kind of planning on buying Swiss francs, more dollars and agriculture."
China, Rogers says, is doing its best to cool its overheated economy, which is contributing to global economic slowdown, and he expects it will continue to do so.
However, “the major problems are coming from the west," Rogers stressed. “They are coming from Europe and the [United States]. We are much worse off than we were in 2008 because the debt has gone through the roof.”
“At least in 2008 there was the possibility that the governments could bail us out," Rogers says. "Now, of course, the governments have gotten deep, deep, deep into debt themselves. Everybody is in much worse shape.”
Read more: Rogers: U.S. Dollar is No "Safe Haven"
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