The Phaserl


The Daily Nugget – gold breaks through $1,300 and holds on

by Jan Skoyles,

Yesterday was a good day if you were looking for reassurance about your gold investments. Gold rose solidly above $1300 thanks to a weakening dollar index, short covering and stop-loss buying as the yellow metal broke through that key resistance level.

The US dollar index fell to a four week low yesterday perhaps due to far weaker than expected data releases, namely housing data. The weak dollar may also be due to the G20 meeting at the weekend in which a commitment to austerity was once again reinforced.

For now, we can perhaps believe that Bernanke has successfully reassured markets that QE Infinity would carry on for the foreseeable future. We must keep an eye on, however, rising US bond yields and mortgage rates which are likely to prompt the hawks to call for tapering.

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