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Little Setback for Gold
May 27, 2008

Gold Adjusts as Dollar Gains Ground

Gold and it's fellow precious metals regain groundagainst the Euro and other currencies, traders are watching for signs of strength. Poor economic data for Europe is slowly taking the lustre out of the Euro, just as similar economic problems diminished confidence in the dollar over the last ten months or more.

Crude oil held strong around $130, with gasoline prices at $4.00 a gallon across most of the states. Reports from this holiday weekend will give a good indication of how American drivers will react to these high costs over the rest of 2008. I suspect that usage will be down from the same weekend last year, which will be a good sign for controlling these bulbous investment driven prices.

Of course, at the root of most of our nations economic problems lies debt. In the simplest terms, personal debt weakens our economy and national debt weakens our currency. If I could be granted one wish for our country, it would be to have everyone use their economic stimulus rebates to pay down their person debt.

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About the Author
Tom Michael has been Krause Publications primary market analyst on more than 80 world and United States coin catalogs produced over the last 20 years. He came to KP in 1987 with a bachelor of arts degree in history, a master of arts degree in economics and a history of coin collecting stretching back to the 1960s. He began collecting world coins as a child by asking friends and relatives to bring coins back from overseas trips, visiting flea markets and having his mother watch for foreign coins in her register at the local grocery store. Today he works with a dedicated base of over 200 contributors to provide accurate market values for the five-volume Standard Catalog of World Coins series, as well as many specialty catalogs, including Coins & Currency of the Middle East and the fifth edition of Unusual World Coins.

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