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U.S. Dollar Temporary Rally Hits Gold

Commodities / Gold & Silver 2009 Aug 11, 2009 - 06:33 AM GMT

By: GoldCore

Commodities With the recent US non-farm payroll data being better than expected, the dollar experienced a bit of a rally. On the back of this, gold was hit by a bout of profit taking and dipped to $942/oz. It is now regaining some ground and climbed back up to $949/oz this morning.


These temporary dollar rallies do nothing to detract from the maelstrom that the dollar is likely to experience in the coming months. With the dollar printing presses going into overtime, it looks like it is only a matter of time before a devalued dollar and stagflation (or possibly even hyperinflation) makes gold exhibit its hedging expertise to the full.

Silver
Silver is currently trading at $14.45/oz. With the widely expected bull run of gold in the latter half of 2009, expect silver to join the party as investors take advantage of its price versus gold.

Platinum group metals
The entire group is still finding strong support based on the threat of future supply issues. Platinum is trading at $1,247/oz, palladium $275/oz and rhodium $1,525/$1,625/oz.

Bullion Services Team

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