Gold Falls on Dollar Rise, Profit Taking

Gold: A bounce in the dollar has pulled gold back from its overnight high of $1009/oz. Gold's inability to sustain a robust move through the psychological $1000/oz barrier has seen a further period of profit taking. The next significant points in either direction for gold, will be support at $990/oz and a close above $1,012/oz. The higher figure will regain the trust of investors that gold can challenge the March 2008 highs of $1,033/oz.

Silver: Silver, in tandem with gold, is also suffering from a stronger dollar and profit taking. It is currently trading at $16.35/oz.

Platinum group metals: Platinum has finally broken through $1,300/oz. This is a significant move and that level may now prove to be support. Palladium has fallen back slightly and is finding it hard to break through $295/oz. Rhodium is at $1,600/$1,700/oz.

Disclosure: No positions

Comments

[tripleblack:]

I see the movement in Platinum as very sustainable, and without the emotional baggage clinging to Gold. I am seriously considering entering a position in Platinum.

Sep 14 08:39 AM

[HATEFEEBAY:]

Hi Ho Silver! The governments are trying ANYTHING to stop this with buying options against Silver through zombie banks and I truly in my heart think the Fed is behind this nonsense too! I want hard money, not the US Dolalr junk!

Sep 14 09:04 AM

[Mad Hedge F...:]

annf Those transfixed by gold blasting through the $1,000 level have been missing the real action in silver. The white metal has soared 57% to $17 since the beginning of the year compared to only a 22% move for the barbaric relic, an outperformance of almost three to one. I have been a raging bull on silver all year, and on May 7, grabbed you by the lapels and shook you senseless if you didn’t buy (click here for earlier report ). It is nothing less than owning gold with a turbocharger. Silver gives you a nice double play. Its qualities as a precious metal are giving it a major boost from the flight from the dollar, one of this year’s certainties. It is also an industrial commodity, which unlike gold, is consumed, and therefore gives you a call on the recovering economy. If you don’t think this move is real, check out the shares of the silver producers. Coeur D Alene Mines (CDE) has rocketed by 57% this month, while Silver Wheaton (SLW), and Hecla Mining (HL) have also done well. If you want to get set up on buying silver futures, e-mail me at madhedgefundtrader@yah... and I’ll tell you how to do it. To accumulate .999 fine silver dollars for only a buck over spot, or bullion at the lowest spreads in the market, visit mileniummetals.net by clicking here. How long will it take to get to the old high of $50? The Hunt brothers must be grinding their teeth.

Sep 14 09:56 AM

[Burticus:]

Gold and silver are real, so do not change. I peeked in my gun safe this morning to check and, sure enough, my coins and bars look exactly the same as last week.

The only thing changing is the currencies, as they hasten their inevitable death march to the fiat currency graveyard before joining their ancestors in fiat currency Hell.

As Professor Antal Fekete points out, at some point, nobody will be stupid enough to exchange real gold for any amount of fancy paper with lots of zeros printed on it by the international central bankster cartel, at which time gold will go into hiding and the thin veneer of civilized society will begin to collapse.

Sep 14 10:24 AM