The Phaserl


Dollar weakens

by Alasdair Macleod, Gold Money:

The US dollar continued to lose ground this week, contributing to a firmer trend for precious metals. Gold rose over $40 to $1223, and silver by $1.13 to $17.45, though prices initially opened a little lower in early European trading this morning, perhaps anticipating some pre-weekend profit-taking.

Gold has now risen over 3% on the year, marginally beating the S&P 500 Index, which is up 2.5%, but far better than bonds, the US 10-year Treasury price being down about 4%.

On the Comex futures market there appears to be increasing demand for gold and silver, with both volumes and open interest rising with the price. The next chart is gold.

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