Despite oil hitting record highs and gold making a nice move, the resource-rich Canadian markets made little headway against the bears during Friday trading as financial concerns south of the border sparked a liquidation of equities.
Editor’s Note: The dollar’s weakness is gold’s strength, says Mike Caggeso. As inflation pushes the dollar downwards, it pushes gold in the opposite direction. You should invest in gold now before the Federal Reserve raises interest rates and spoils the party.
Gold jumped today in London over market fears of an Israeli attack on Iran. Bloomberg reports that gold for immediate delivery rose $5.06, or 0.6 percent, to $930.46 an ounce by 12:05 pm. Futures rose $3.50, or 0.4 percent, to $931.80 in after-hours electronic trading on the Comex division of the New York Mercantile Exchange.
Gold prices have skidded about 15% since the “yellow metal” hit an all-time record of $1,032 an ounce on St. Patrick’s Day.
The gold bugs must be scratching their heads. After all, it’s just not supposed to work this way.
Back in October – when gold was trading at only $770 an ounce – I told Money Morning readers that the “yellow metal” was looking like a very good bet
