Gold prices today fell again this week, dropping $20.10 for August delivery, to $1,188.20 an ounce. Spot gold prices ended at $1,193.00, A decline of $15.40.
Several factors play a part in the gold price fall. First, the misguided idea that the sovereign debt crisis in Europe has been handled, or at least improved, mostly based on Greece begin able to sell bonds to the private sector. Second, inflation remains relatively mild in the U.S., and with recent data showing core consumer prices rising only 0.2% in June, had traders looking elsewhere for safety.
Finally, the U.S. dollar strengthened more, while the euro also made gains, seeming to imply that gold is unwinding against the euro.
With these various factors in play, investors are, for now, looking elsewhere to put there money, even though the sovereign debt crisis in Europe is, the American economy is in shambles, and safety should continue to be on the minds of investors.
This is the fourth week in a row the gold price have fallen, although it is still finding support in difficult circumstances.
Friday, July 16, 2010
Gold Prices Fall Today on US Dollar, EU and Inflation
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1 comment:
The Tea Party's captive botnets have been sending what amount to chain letters to anyone they think might be a potential supporter urging them to short sell everything in sight - and apparently, they're already succeeding.
Since markets are leading indicators and have a major influence on consumer confidence, these "patriots" hope to cause another Crash similar to 2008 for the sole purpose of securing the election against incumbents.
This purpose may or may not be a legitimate one. But causing a Crash and a double-dip recession to do it is reprehensible.
Of course, it is not more reprehensible than an exact similar campaign waged by MoveOn.Org botnets in the summer of 2008 to help their candidates - and harm millions upon millions of Americans in the process.
We have to wake up to this vile - and Evil - behavior and do something about it.
Most real people - whether we call ourselves Republican or Democrat, Progressive or Conservative, Investor or Trader - don't make their purpose in life harming our fellow Americans, our fellow human beings.
But script bots and their botnets have no emotions, no morals, no integrity, no decency.
And we real human beings have now become mere pawns in "massive multiplayer games" which have moved out of the realm of World of Warcraft and Second Life and firmly into the realms of stock and bond markets and forex.
Am I being alarmist?
I suggest you Google "forex bots" or "algorithmic bots" or even "verbal sentiment bots" NOW. You will be shocked. Good! Because we ALL have to be shocked to the point we stop debating the wrong elements of Financial Regulation and start debating the right ones - how automated markets run by computers alone are literally destroying this country, this world, and all we hold dear.
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