Friday, January 20, 2006

United States Gold futures rose to new 25 year high. The price of gold is currently 568.50$ The Osama Bin Laden Al-Jazeera audio tape is a cause of concern, causing the price increase. Of Course, rising oil and other heating soloutions prices are also affecting the markets.


"NEW YORK (Reuters) - U.S. gold futures rallied to a new 25-year peak Friday morning amid continued fund buying fueled by geopolitical concerns, high energy prices and uncertainty about the economy, sources said.
"We busted through some key technical levels today with $565.50 being a previous overnight high, so on the sell-side all the offers just dried up. I'm looking for $570 by the end of the day," said one COMEX floor dealer."

1 Comments:

At 9:47 AM, Blogger B said...

Nice post. Gold prices act as a bellweather on the current geo-political climate. If gold goes up, it indicates that some people think the sky is about to fall.

 

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