Gold Takes a Tumble on Stronger Dollar
Apr 1st, 2008 | By Contrarian Profits | Category: Featured, Financial News, Gold MarketGold futures have shed over 4% so far today in what MarkeWatch is calling “a broad-based commodities sell-off.”
According to the site, “gold for June delivery tumbled $41.80, or 4.5%, to $879.70 an ounce on the New York Mercantile Exchange. Other metals futures were also sharply lower, with platinum selling off 7%.”
The greenback has climbed higher against the euro today on fears that the economic woes in the US will go global.
Despite today’s sell-off, commodities expert Frank Holmes expects copper – which has gained 400% in the past five years and now sells for $3.75 per pound – to hit $8 to $10 in the coming years.
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