Tuesday, February 14, 2012

Gold Heads Lower, But is This Just a Blip or a Trend?

Gold is off record highs . . . but is it the sign of new downward trend?

Gold futures settled lower Tuesday to log their third losing session in a row, as pressure from a rally in the U.S. dollar outweighed support from weaker-than-expected U.S. retail sales and uncertainty over whether Greece will get a second bailout. Gold for April delivery fell $7.20, or 0.4%, to settle at $1,717.70 an ounce on the Comex division of the New York Mercantile Exchange.

It traded between a high of $1,729.90 and a low of $1,713.80. Futures prices have now tallied a three-session loss of more than $23 an ounce. “We saw gold reacting to the dollar, rallying close to flat this morning, but as the dollar has rallied we’ve seen gold sell off,” said Tom Essaye, editor of the 7:00’s Report, a daily commentary on equity and commodity markets and the economy.

Gold ends lower, logs third-straight session loss - Metals Stocks - MarketWatch

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Breaking US Dollar Collapse News

What's Behind the Decline of the US Dollar?

This is one the of the best and simplest explanations we have seen:
The U.S. dollar's downward slide is accelerating as low interest rates, inflation concerns and the massive federal budget deficit undermine the currency. - Wall Street Journal, April 23, 2011
Interestingly, the Federal Reserve is responsible for, or an active participant in all three of these factors.