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As dollar slips, gold rises more than 2 percent

September 7, 2009 by  

As dollar slips, gold rises more than 2 percent Precious metal prices rallied on Wednesday as U.S. economic data caused the dollar to weaken again and prompted investors to look for safety.

The gold price finished near the high of $979.35, a gain of 2.2 percent, while silver rose to $15.46, marking a 1.9 percent increase on the New York Mercantile Exchange, as investors appeared nervous after a monthly unemployment report showed 298,000 jobs were lost in the private sector in August.

In addition to that, factory orders for July ended below most analysts’ expectations, and inflation fears were revived as the dollar slid as much as 0.6 percent against the euro.

"If inflation is going to rear its head, and there’s some economic data to support that, then we could see [gold prices move higher]," said Michael Khouw, director of equity derivatives for Cantor Fitzgerald LP, quoted by the Wall Street Journal.

As Wednesday’s closing price of gold was at a near three-month high, trading in shares of metals companies such as Gold Fields and Yamana Gold was strong in the options market.

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  • s c

    My opinion on this topic won’t change anything. However, in case anyone is wondering, there is one basic reason why gold is so volatile (and will stay that way). China knows it. India knows it. The rest of the world knows it.
    AMERICANS AND THE REST OF THE WORLD ARE FASTING LOSING THEIR FAITH IN THE DOLLAR! This should not come as any surprise, especially when our government has spent many years (via corrupt politicians) trying its best to destroy the dollar.
    The prize for this behavior is the total enslavement of the American people. Either you know this, or you are in deep, irreversible denial, friends.

    • DaveH

      The people who keep their money in cash savings are going to be totally screwed. Sad, but true.

    • James

      SC, Since May 21 gold has been trding at $950-%990 per ounce. When it breaks the $1000/Oz. resistance, then we’ll see how volatile it is. I say $1500/Oz. isn’t unreasonable. Let’s remember, back in 1933 when FDR took office, gold was $25/0z, and a double dip ‘real’ icecream-cone (with a cherry on top) was a nickel. From $25/Oz. to $1000/Oz. is a 4000% increase in price. Gold didn’t become more valuable, the paper dollar just bought less. I would suggest those who hold cash should trade it for silver bars – not coins – FDR confiscated people’s gold, but not silver. President Obama is FDR in spades (no pun intended).

  • Mung

    Well folks, get some real money to preserve the purchase power.


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