Posted on 11/11/2009 3:09:41 AM PST by TigerLikesRooster
3rdUPDATE: Weaker Dlr Drives Gold To New High Above $1,115/Oz
LONDON (Dow Jones)--Gold hit yet another record high Wednesday and the precious metal will remain high as long as interest rates in the U.S. remain low, traders and analysts said.
The rise Wednesday was driven by U.S. dollar weakness and analysts said currency will continue to dictate direction in the immediate future.
The dollar is under pressure after comments late Tuesday from a top U.S. Federal Reserve official indicated the Fed wouldn't stop the dollar's decline unless it becomes disorderly.
As of 0950 GMT spot gold was trading at $1,115.75 a troy ounce....
(Excerpt) Read more at online.wsj.com ...
Ping!
It’s also driving the DJIA.
Denninger on the Market-Ticker has a good graph that shows an almost perfect (relatively speaking) mirror image of dollar movement and DJIA movement.
Forget this weaker dolar BS today
If you go to kitco
http://www.kitco.com/
You get a breakdown of why gold went up or down and how much of it had to do with the US Dollar
Today at Kitco they show gold is going up because of plain old buying not USD weakness
Go to kitco....
Gold is up today because of buying...not a weaker USD
Tomorrow may be the opposite
Lazy news commentators always say weaker US Dollar whether this is true or not
Works for me. :)
DJIA = S&P 500 (dollar changes inversely to S&P 500 changes)
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