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bhoops1

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  • Precious metals accelerate their slide alongside the drop in equity markets and the euro. Gold is down 4.5% to $1,589/oz., the lowest price since September. Silver, off 8%, drops below $29/oz. On the industrial side, copper -4.8% to $3.27/lb., still well above the $3 level hit in October.  [View news story]
    The only hope for gold to continue to rise is if the US, or any other country continues to monetize its debt. If some politician gets elected who decided to stop printing money and restore fiscal/monetary sobriety, gold may start to lose. Until that point, these small fluctuations seem to be merely just that, fluctuations. People run from the Euro out of the frying pan, into the fire (US dollars).

    If the Euro was stable and there were no debt issues in Europe, the US would be under a ton of scrutiny. The dollar is floating not just because of its inherent strength, but because the Euro is drawing so much attention away from the issues concerning the dollar and the US debt/monetary crisis.
    Dec 15 01:58 AM | Likes Like |Link to Comment
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