Tuesday, March 6, 2012

Gold Falls to $1690 an Ounce as Euro Continues to Sink

After a long run-up in price Gold is finally falling . . . a little. Don't expect that to last though with the US Dollar and Euro both weakening.

Gold prices fell more than 1 percent in Europe on Tuesday, pushing through support at $1,690 an ounce, as jitters over whether private creditors will agree to a Greek bond swap deal and wider euro zone growth pressured the euro versus the dollar. Platinum, palladium and silver were all caught up in the selling, falling more than 2 percent in gold's wake.

Spot gold was down 1.1 percent at $1,687.86 an ounce at 1141 GMT, while U.S. gold futures for April delivery were down $15.20 an ounce at $1,688.70.

Gold falls below $1,690/oz as euro slides | Reuters

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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.