The Time to be in the Market is Now
October 13th, 2009 Posted in Analyst Picks, Oil and Precious Metals
Name: Anton
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Gold rallied to an intraday record Tuesday as the dollar weakened and investors remain concerned about the threat of inflation. Gold has been on a record-breaking run since prices rose firmly above $1,000 an ounce last month.
A correlation exists between the rise of the price of Gold and the drop in price of the U.S. Dollar, especially against the EUR. The weakness of the Dollar against some of its major currency pairs is mirrored by a rapid increase in the price of Gold.
Gold was also being driven higher by bets that inflation will become a problem in the future. While inflation is currently tame, many traders said consumer prices could spike if U.S. policy makers are slow to reverse monetary and fiscal stimulus measures as the economy recovers.
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