Treasury Secretary Geithner must have made a hell of an impression at the G-20 meetings just held in London.
Gold is trading above $1,000 an ounce on renewed dollar weakness.
Despite some positive technical chart signals, make no mistake, the volume of buying suggests that there are also central banks seeking a non-dollar haven. Despite Bernanke's current no money printing actions, the quantity of dollars overseas, because of the dollars once impeccable status as a reserve currency, could result in an escape from the dollar at anytime.
In morning trading in London, spot bullion traded as high as $1,007.45 an ounce, before settling back to stand at $1,004.35. It is the third time that gold has moved above $1,000 since March 2008, when it hit a record high of $1,035 an ounce.
RW wrote:
ReplyDeleteIt is the third time that gold has moved above $1,000 since March 2008, when it hit a record high of $1,035 an ounce.
Do you mean there have been two other times in between March 2008 and now, when gold was higher than $1,000? There are different ways of parsing your sentence (and my memory is failing me).
March 2008 and March 2009 gold futures climbed above $1,000.
ReplyDelete