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Huge Day for Gold
January 02, 2008

Gold Shoots to $860

Gold has been riding high around the Holidays this year. Spot price has been on the rise for a couple of weeks, but this morning it shot through it's former roof to hit a mid-day high of $861 before settling back down to about $855 at the time of this posting.

Keep in mind that this slight dip is only due to profit taking. I would expect the drive to continue through the afternoon and would not be shocked if Gold touched $875 later in the day or tomorrow. Fueling this push is an ever weakening dollar and worries about the U.S. economy.

Long term expectations for gold, forecast in the first few weeks of December, were looking for a downturn into the New Year, however, so exercise caution. This drive will surely be followed by a stiff correction in the coming weeks or months. Volatility is to be expected.

Also along for the ride is silver, which again surpassed $15 and crude oil which hit $100 a barrel again today. Platinum and palladium both pushed ahead reaching over $1550 and $370 an ounce respectively.

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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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