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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

David Gardner
London Telegraph [1]
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.

Full article here [1]

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[1] London Telegraph : http://www.telegraph.co.uk/finance/currency/6579859/Gold-hits-new-record-high-on-dollar-weakness.html

[2] Buy the DVD here: http://infowars-shop.stores.yahoo.net/faofreprofba.html

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