http://quotes.ino.com/chart/?s=NYBOT_DX&v=sLast trade 83.17 Change -0.01 (-0.01%)
Settle Time 15:00 Open 83.08
Previous Close 83.18 High 83.31
Low 83.00 2006-12-12 13:19:31, 30 min delay
52wk High 91.47 52wk High Date 2005-12-30
52wk Low 82.24 52wk Low Date 2006-12-05
Gold dips as dollar picks up after trade gap surprise
Market awaits Federal Reserve's decision on interest rateshttp://www.marketwatch.com/News/Story/Story.aspx?guid=%7BB6497962%2D7673%2D4F49%2D9E4A%2D145DAF0A3647%7D&siteid=bigcharts&dist=newsSAN FRANCISCO (MarketWatch) -- Gold futures dipped Tuesday afternoon, holding ground under the $635-an-ounce mark as the dollar gained some ground following the release of a narrower-than-expected trade deficit for October.
Traders also awaited the Federal Reserve's decision on interest rates at 2:15 p.m. Eastern -- 45 minutes after the close of regular metals trading in New York.
With economists agreed that the Fed will stand pat keeping benchmark rates at 5.25%, all attention will be focused on its accompanying statement for any clues to future rate direction. See full story.
The market is still largely dollar driven, "while pre-Fed caution will keep some on the sidelines," said James Moore, an analyst at TheBullionDesk.com, in a note to clients.
Gold for January delivery was last down $2.50 at $632.30 an ounce on the New York Mercantile Exchange after trading as low as $631.50. On Monday, the contract closed higher, recovering some of last week's 3% loss and supporting metals and mining shares.
more...
The Daily Pfennig 12/12/06: Big Al Coming Over to Our Side?http://www.kitcocasey.com/displayArticle.php?id=1110snip>
OK... Luke Skywalker, meet your new comrade... Big Al Greenspan! Yes, he did use to work for the dark side... But recent words from the man known on the dark side as "Mr. Bubbles" have us believing that he has seen the error of his 18 years on the dark side. Let's listen to the latest of his speeches...
I'll first set this up for you... Big Al was giving a speech yesterday, and the former Federal Reserve Chairman Alan Greenspan said, "the dollar will probably keep falling because it's unlikely that international fund managers will continue to increase their allocations to the U.S. currency."
Russia and other oil-producing currencies are shifting their assets out of dollars toward the euro and yen, a Bank for International Settlements quarterly report showed today.
Greenspan said, "the dollar, heading for its fourth annual decline in the past five years, will probably keep falling until the U.S. current-account deficit diminishes."
And here's the statement that should ring in every investors ear until they do something about it... "The dollar will continue to drift downward until there is a change in the U.S. current-account balance, it's IMPRUDENT to hold everything in one currency."
more...
Dollar's Decline Revives Prospects for Gold in '07 MARKETPLACE By Bloomberghttp://www.blackenterprise.com/yb/ybopen.asp?section=ybbf&story_id=101224735&ID=blackenterpriseJust because gold is down 14 percent from its high of $732 an ounce in May, that does not mean the rally that began six years ago is coming to an end soon.
The swooning U.S. dollar has become a proxy for the slowing American economy and the country's lack of success with Iraq, with banning weapons of mass destruction in North Korea and Iran, and with reducing its trade and budget deficits. But the dollar's problems are helping to make gold a Wall Street darling again for 2007.
"Gold is the purest play against the dollar," said Louise Yamada, managing director of Yamada Technical Research Advisors in New York, who sees gold surpassing $730 an ounce next year on its way to $3,000 within a decade
Yamada, the former head of technical research at Citigroup, proclaimed gold cheap in 2001 when it fetched $279 an ounce.
She now has lots of company among the world's biggest financial institutions.
more...