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Gold futures fall as oil retreats, dollar rises
Market Watch ^ | October 23, 2006 | Ciara Linnane

Posted on 10/23/2006 7:31:57 AM PDT by Toddsterpatriot

NEW YORK (MarketWatch) -- Gold futures fell early Monday, pulling other metals with them, as oil prices again retreated and the dollar strengthened ahead of a Federal Reserve decision on interest rates.

Gold for December delivery was last down $9.20 at $587.30 an ounce on the New York Mercantile Exchange. On Friday, the contract lost $6 of its value although it scored a modest gain for the week.

The metal was hurt by weak oil prices after the Organization of the Petroleum Exporting Countries' production cut failed to convince oil traders it would be enough to halt a slide in prices.

"The rally of late last week appears to have been a one-day wonder, for the strength that developed Thursday vanished Friday and remains 'in-hiding,' " said Dennis Gartman, editor of The Gartman Letter.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy
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To: Toddsterpatriot; GodGunsGuts

GGG

Aren't you paying 10% on your margin? You're not going to get far with a 12.5% return. After taxes, holding charges, spread, and commissions you'll see what... 1%? That's quite a get rich slow scheme you've got going! LOL!


61 posted on 10/24/2006 2:35:15 AM PDT by Fan of Fiat
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To: Fan of Fiat

Down $20 since Friday. $1 an ounce per week carrying cost. Getting hard to make bank.


62 posted on 10/24/2006 7:29:59 AM PDT by Toddsterpatriot (Goldbugs, immune to logic and allergic to facts. You know who you are.)
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To: Toddsterpatriot

What's your point?


63 posted on 10/24/2006 9:58:12 AM PDT by hubbubhubbub
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To: hubbubhubbub
I thought you goldbugs were interested in the price of gold?
64 posted on 10/24/2006 10:05:01 AM PDT by Toddsterpatriot (Goldbugs, immune to logic and allergic to facts. You know who you are.)
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To: Toddsterpatriot; Fan of Fiat; Petronski; winodog
"Since gold held at it’s first major support, I am encouraged greatly that we will be working our way through Angel #1 and #2 before the year is out." --Jim Sinclair


65 posted on 10/24/2006 11:39:51 AM PDT by GodGunsGuts
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To: GodGunsGuts
As long as those angels keep using their magnets, you'll be breaking even any day now. LOL!
66 posted on 10/24/2006 11:43:20 AM PDT by Toddsterpatriot (Goldbugs, immune to logic and allergic to facts. You know who you are.)
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To: GodGunsGuts

67 posted on 10/24/2006 11:43:55 AM PDT by Petronski (CNN is an insidiously treasonous, enemy propaganda organ.)
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To: Toddsterpatriot

Weird angels, look more like roman surfer dudes with wings.


68 posted on 10/24/2006 11:44:59 AM PDT by Tijeras_Slim (Dancing through life like a street mime with tourettes syndrome.)
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To: Petronski
Tarot cards are probably a better predictor of the future than technical analysis. LOL!
69 posted on 10/24/2006 11:51:28 AM PDT by Toddsterpatriot (Goldbugs, immune to logic and allergic to facts. You know who you are.)
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To: Toddsterpatriot; Petronski

TA combined with an understanding of fundamentals is a very potent combination.


70 posted on 10/24/2006 1:34:16 PM PDT by GodGunsGuts
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To: GodGunsGuts

71 posted on 10/24/2006 1:36:49 PM PDT by Petronski (CNN is an insidiously treasonous, enemy propaganda organ.)
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To: Toddsterpatriot

Not the everyday price. The trend is fine with me.


72 posted on 10/24/2006 1:48:57 PM PDT by hubbubhubbub
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To: GodGunsGuts
TA combined with an understanding of fundamentals

The fundamentals that prove gold is on the express train to $1650 in the next 4 years (if you ignore the recent 20% decline)?

73 posted on 10/24/2006 1:49:37 PM PDT by Toddsterpatriot (Goldbugs, immune to logic and allergic to facts. You know who you are.)
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To: hubbubhubbub
The trend is fine with me.

You bet.

74 posted on 10/24/2006 1:52:42 PM PDT by Toddsterpatriot (Goldbugs, immune to logic and allergic to facts. You know who you are.)
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To: GodGunsGuts
Its not WORKING!

Finally... Goldbug propaganda I can agree with.

The "Angels" want gold to go to 1650, but since they lack basic intelligence, they don't realize that since gold is not magnetic, it's not going to move... Just sort of languish about racking up huge storage and margin costs.

75 posted on 10/24/2006 2:02:12 PM PDT by Fan of Fiat
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To: Toddsterpatriot

In the scenario proposed--gold going to $1650--dollars would be essentially worthless, and copper-jacketed lead would become the most likely means of value transfer.


76 posted on 10/24/2006 2:04:41 PM PDT by BeHoldAPaleHorse ( ~()):~)>)
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To: Fan of Fiat

Gold has been moving for the last five years. Obviously, those are no ordinary magnets d:op


77 posted on 10/24/2006 2:34:12 PM PDT by GodGunsGuts
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To: Toddsterpatriot

I have recited them over and over to you.


78 posted on 10/24/2006 2:42:29 PM PDT by GodGunsGuts
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To: GodGunsGuts
And they're nonsensical and illogical every time you recite them.
79 posted on 10/24/2006 3:02:56 PM PDT by Toddsterpatriot (Goldbugs, immune to logic and allergic to facts. You know who you are.)
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To: Petronski
If you think that witchcraft convinces anyone, you've got to believe I've never studied statistics and probability, or the efficient markets hypothesis.

well those charts look pretty dead on.

it is really not witchcraft or even statistics but more a representation of human choice, emotion and action.

80 posted on 10/25/2006 2:21:44 PM PDT by alrea
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