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Gold Slips Slightly, Stimulus Supports
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
truthingold.com / September 24, 2012
Gold pulled back from a near seven-month high on Monday, but a recent spate of stimulus measures from central banks that has buoyed bullion is expected to continue supporting prices.
Gold has gained more than 10 percent over the last five weeks, its biggest such gain since September 2011, after the Federal Reserve and European Central Bank each announced fresh monetary easing measures to support their economies.
Easy monetary policies drive investors to seek a hedge against higher inflation risk caused by rampant cash printing by central banks. A low interest rate environment also helps non-yielding gold attract investors.
“I’m not worried at all about gold,” said Dominic Schnider, an analyst at UBS Wealth Management in Singapore. “Despite the short-term retracement, gold is still a buy, and is still attractive. The $1,950 level is still a guidance.”
A stronger dollar .DXY also weighed on commodities priced in the greenback, making them less attractive to buyers holding other currencies.
“I wouldn’t be surprised to see gold pull back to the $1,750 area but dips will continue to be bought,” a Singapore-based trader said.
Spot platinum dropped as much as 2 percent to $1,603.5 an ounce and spot silver fell 1.9 percent to an intra-day low of $33.78.
Equities and other commodities also weakened, as investors returned to worrying about the global economic prospects with a string of data due this week.
Thanks to BrotherJohnF
2012-09-24 04:28:15
Source: http://silveristhenew.com/2012/09/24/gold-slips-slightly-stimulus-supports/
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