Gold futures fall as oil retreats, dollar rises

Market Watch ^ | October 23, 2006 | Ciara Linnane

[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.

[Fan of Fiat]

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!

[Toddsterpatriot]

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

[hubbubhubbub]

What's your point?

[Toddsterpatriot]

I thought you goldbugs were interested in the price of gold?

[GodGunsGuts]

"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

[Toddsterpatriot]

As long as those angels keep using their magnets, you'll be breaking even any day now. LOL!

[Petronski]

[Tijeras_Slim]

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

[Toddsterpatriot]

Tarot cards are probably a better predictor of the future than technical analysis. LOL!

[GodGunsGuts]

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

[Petronski]

[hubbubhubbub]

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

[Toddsterpatriot]

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)?

[Toddsterpatriot]

The trend is fine with me.

You bet.

[Fan of Fiat]

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.

[BeHoldAPaleHorse]

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.

[GodGunsGuts]

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

[GodGunsGuts]

I have recited them over and over to you.

[Toddsterpatriot]

And they're nonsensical and illogical every time you recite them.

[alrea]

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.