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Gold, Silver, Metal Prices: Friday Commentary (10/2)



October 2, 2009 by · Leave a Comment 

A Fundamental Question. Or Two. Or Three. Bullion update ...

Good Day,

Gold relinquished the $1,000 level in the hours prior to yesterday afternoon’s final tick, but it was a slow, stubborn retreat. Such action persisted during the nighttime hours, fueled by additional dollar strength and profit-taking in crude oil. Today’s G-7 meeting in Istanbul might set the stage for more dollar-focused talks among financial officials. Certainly, if one parses yesterday’s mini-jawboning from Sweden, the message of support for Tim Geithner’s pro strong dollar stance was warmly welcomed.

Finance ministers and VIPs from Holland to Belgium, and France to the ECB all underscored the need for currency market stability and the importance of a strong dollar to the international financial system. Apparently, Mr. Geithner assuaged recent worries about the slide in the US currency – at least to this small group. In parallel, the head of the IMF, Dominique Strauss-Kahn, reiterated the fact that his institution has a mandate to become the lender of last resort to the world’s central banks.

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Read the rest of Gold, Silver, Metal Prices: Friday Commentary (10/2) (1,878 words)


© Jon Nadler, Kitco Metals Inc. for Coin News, 2009. |
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