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Gold hits new record high on dollar weakness
Posted By admin On November 16, 2009 @ 4:59 am In Featured Stories,Money Watch | Comments Disabled
London Telegraph 
Monday, Nov 16th, 2009
Gold prices hit a fresh record high above $1,130 an ounce on Monday and traders reported fund buying, with a weak dollar offering additional support.
“Someone had an interest in making a new high,” said Michael Kempinski, a trader at Commerzbank. “Technically it’s looking quite good now … quite bullish levels.”
“There is no bullish news that can give a reason for the move, so maybe someone is playing games and trying to protect their position,” he added. “$1,150 is the next level.”
Mr Kempinski added that gold, which touched a high of $1,132.95, was also buoyed by a weaker dollar and rising oil prices.
A weak US currency makes metals priced in dollars less expensive for holders of other currencies.
“When the people find they can vote themselves money, that will herald the end of the republic.” – Fall Of The Republic – Buy the DVD here 
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 London Telegraph : http://www.telegraph.co.uk/finance/currency/6579859/Gold-hits-new-record-high-on-dollar-weakness.html
 Buy the DVD here: http://infowars-shop.stores.yahoo.net/faofreprofba.html
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