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Gold Front

September 29, 2006

Gold prices finished off their second week in a row UP ($20 total for the last two weeks). After bieng up the first four days in a row this week, but by only $16, the morning opening saw gold down $16+ and it didn’t look good. The US$ was strong but there didn’t seem to be any reason for such a sell off. As it turns out, gold came back $10 at the end of the day.

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Gold markets have been basically stablized recently. Thursday was strong mid day as gold went well over $600, and is still a few bucks north of there as we enter the weekend, close out September, and give October a look-see.

Most probably gold investors were worried about this mornings’ rising consumer price report. The report showed a year over year increase of 2.5% “This inflation data may have raised the specter of further Fed tightening to the currency markets,” says Jason Shenker, an economist at Wachovia in Charlotte, N.C.

Any strengthening of the US$, in this season, is a weakening for gold. For the week, the US$ rose from 84.75 to 85.89.

See you in October! :-)

Written by Ernie · Filed Under Gold News 

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