Last night following a poor report from Germany, the Euro dropped more than a cent and brought the gold price back to 450.
The oil price dropped to 43.25 and could have contributed to bringing gold back to 448.4.
It is difficult to prove what the contributing factors are sometimes. It is also possible that Japan/ Germany may have buying the USD, who knows?
Then again, perhaps the time for profit taking has arrived?
The USD is now 81.95, the same level as that of a few days ago (It rose 1% from its low of 81.18).
The USA data didn't bring much news either and the DOW lost 5 points.
I still enjoy the statement made by a prominent FED member, something like: "The US deficits need to be shared by all".
And of course, these remain and the accumulation is continuing, no matter what temporary hiccups to gold prices occur. And the dollar needs to go down further; but of course, it doesn't move in a straight line.
A somewhat long read:
Contrary Investor: "The Containment Area":
http://www.gold-eagle.com/gold_digest_04/ci120104.html
Gerry
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