Gold Ends Week on Mild Upnote
Jun 14th, 2008 | By Doug Casey | Category: Gold MarketGold declined from the far East through the mid-point of London trading on Friday, bottoming at $860, but caught a spark there and pushed slowly higher for the rest of the day, finishing at $870.80/oz., up $2.70. For the week, gold lost 3.5%.
Platinum moved higher at the open of the New York session, then plateaued, trading sideways for most of the day and ending at $2031/oz., up $18. For the week, platinum eased 1.8%.
Silver bottomed at $16.25 in London, caught an updraught through the first hour of New York trading, but then stayed dead flat for the rest of the day, closing at $16.51/oz., up 7 cents. For the week, silver skidded 5.7%.
(Click here for charts)
Precious metals fanciers were probably breathing a small sigh of relief as the objects of their affections staged at least a tiny rally at the end of a dismal week.
In fact, they may well have been jumping with joy, since the usual suspects, a rising dollar and falling oil prices, both moved against them yesterday.
Julian Phillips, of Goldforecaster.com, sees the government dollar jawboning as all important at the moment.
“The gold and silver price is weakening,” Phillips wrote, “in the face of a slightly stronger $ standing now at $1.5318, on the top side of the trading range it has been in for some weeks now. Will it break upwards?
“The Administration is placing huge pressure on all relevant people to make it rise, while the fundamentals don’t support such a rise. Secretary Paulson is behind the bulk of the pressure, so the market is looking expectantly to the G-8 meeting this weekend.
“If the support for the $ were visible and fundamental the $ will rise, but until then the future of the $ remains in question.
“Gold and silver, now in their quiet season, are sitting on support now and strong support at that. Investment demand is sitting on the sidelines waiting for good reasons to buy, which are there, but these fear a change in the $ now.”
And in political news, Congressman Ron Paul ended his quest for the Republican presidential nomination, a campaign that raised tens of millions of dollars in the face of a near-total mainstream media blackout, and that acquainted millions of voters with the value of gold as money, and with the critical need for monetary reform in the U.S.
Source: Gold Ends Week on Mild Upnote
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.