Sure, some of the financial giants are suffering bankruptcy claims or buyouts for pennies on the dollar but it’s not all bad news on the street. Gold related stocks are up as investors move from risky securities to “safer” commodities like gold. Both Yamana Gold(AUY) and GoldCorp(GG) are up as is Pan American Silver (PAAS), Harmony Gold Mining (HMY), Silver Wheaton Corp (SLW), Barrick Gold Corp (ABX) and Newmont Mining to name a few. These stocks will likely continue to go up as the credit crisis on Wall Street continues.

It’s normal for investors to seek safer harbors when they see news like we are seeing this week. We could be looking at the collapse of some of the biggest brokerage houses in the world, but I doubt it. Companies like Goldman-Sachs and Morgan Stanley have no desire to close up shop and have the cash to be buying back their own stock at aggressive discounts which is what they have been doing all morning.

Goldman-Sachs (GS) at $100 a share is way too cheap and it’s rebounded since then to $111. Morgan Stanley (MS) seems to be holding steady in the $20s.

Wells Fargo (WFC) is just off the open for today, but holding steady compared to the rest of the industry.

Gold companies might be a safe haven temporarily, but in the long run we just have to watch the market and see what happens. Gold reached over $1000.00 an ounce in March of this year and is now around $840 an ounce so it’s really only a temporary solution at this point.

I own shares of Wells Fargo (WFC) but hold no other positions mentioned.