Gold Rises on Dollars Weakness
Dec 23rd, 2008 | By Doug Casey | Category: Financial NewsIt was a mixed day for the precious metals as gold rose, but silver and platinum were both down slightly. Gold traded up during the pre-dawn hours before reaching an intraday high $851.22/oz. during the NYMEX session. While prices trended downward throughout afternoon trading gold still posted a gain of $9.90 to finish at $847.80/oz.
Platinum traded up during the NYMEX session, reaching a high of $862.50/oz., before slipping during afternoon trading. Platinum ultimately finished just off its intraday low at $848/oz., down $3.
Silver rose sharply during Far East trading, but posted steady declines for the rest of the day to finish in the red. Silver ended at $10.81/oz., down just $0.01 from Friday’s close.
(Click here for charts)
Gold’s rise was largely the result of weakening dollar and declining equities.
Gold’s trading off the dollar,” wrote Frank Lesh of FuturePath Trading. “A weak economy and all-time low interest rates don’t call for a strong dollar.”
Gold saw further support from investors looking for a safe haven during these troubled economic times.
We’re not going to get any revelations on the economy soon,” Lesh continued. “Those who want to hold gold are still looking at a shaky equity market worldwide.”
Source: Gold Rises on Dollars Weakness
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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.