Oil Slips, Dollar Climbs and Gold Falls
November 28, 2007
Roller Coaster Gold Likely for Rest of 2007
At these current heights and with such a high volume of investment trading, Gold seems especially sensitive to any economic indicators. As crude oil slipped down on speculation of increases in OPEC production levels and the dollar went on the rise, Gold dropped some $30 off it's once spot price, breaking down below the $800 mark.
At the time of this posting Gold has seen a bit of a rebound, driving up to about $803.
For future expectations, keep an eye on the Fed's decisions regarding interest rate changes, any announcements or indicators on the Housing situation and of course, developments in the field of energy which might relate directly to fuel costs. For the short term, watch for figures on retail profits and Holiday shopping through the end of the year.
Something to add? Notice an error? Comment on this blog.
About the Author