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Gold Falls After Dollar Rebounds Against Euro |
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| Mar 27, 2008 07:25 PM UTC |
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Tracked Blogger
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Gold fell in New York after the dollar rebounded against the euro. Silver rose. The dollar rose as much as 0.8 percent against the euro after falling within 1 cent of the all-time low yesterday. Gold reached a record $1,033.90 an ounce on March 17 when the euro rose to the highest ever. 
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3 Related Views
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 N/A risk: moderate |
Gold and the Fed
A couple people vehemently disagreed with our post suggesting a cautious entry into gold this week. Maybe they’re right: maybe the commodity boom is over, maybe the housing troubles and liquidity problems are a thing of the past, and maybe the Fed is going to start getting tough on inflation at the next meeting and will start raising rates. And maybe Mount St Mary’s will beat UNC tonight and go...
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N/A risk: moderate |
Is the Gold Correction Over?
I was about a week too early in predicting the sell-off in precious metals, but it certainly materialized as we witnessed gold lose $100 (10%) and silver lose $3.50 (17%) in just 48 hours. It looked like a manufactured event by commercial traders (mostly big banks) to take advantage of technical investors, liquidate their short positions and go long again by buying the cheap gold that weak hand...
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N/A risk: moderate |
Why Commodities Will Struggle in 2008
A recent Barrons article points out that "gold and copper are each down 12% from the all-time highs seen on March 17 and March 6, respectively, while crude has fallen 11% from its March 17 high. London International Financial Futures Exchange sugar and cocoa are off 25% and 21%, respectively, from recent highs, while Chicago Board of Trade wheat has slipped nearly 20% since March 13." Is this t...
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Comments (1)
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The pullback in gold & commodities in general was precipitated by Uncle Ben cutting the Fed Funds Rate 25 bps less than expected, halting the slide of the U$ dollar, at least for the short term. Window dressing also contributed with institutions locking in profits. Not to worry; GLD hits 150 by 2011. |
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