Precious Metals Record Losses as Dollar Rises

The US dollar is going strong, but as many gold bugs know, that isn’t great news for the gold price.

The yellow metal dropped below the $1,250-per-ounce mark today, with silver, platinum andpalladium all following the downward trend.According to Reuters, it was the US dollar climbing to a 14-month high that put pressure on those commodities.

Spot gold reached a three-month low of $1,247.15 before edging back up to $1,249.34 midway through the afternoon. On the COMEX, futures for delivery in December sank $5.80, to $1,248.50. As Bloomberg reported, gold has lost approximately 5.6 percent so far this quarter, and Q3 could ultimately bring the metal’s first quarterly loss for 2014.

To continue reading please click here

The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

If you would like to know which stocks we are buying and selling please join us at ‘Stock Trader’ our premium investment service.

Winners of the GoldDrivers Stock Picking Competition 2007 

Subscribe for 12 months with recurring billing - $199

Buy 12 months of subscription time - $199

If you are new to investment in the precious metals sector then you can subscribe of our FREE newsletters regarding gold stocks, silver stocks and uranium stocks, just click on the links and enter your email address and we will email you our articles along with other interesting posts.

Please remember to check your spam folder once you have subscribed to ensure that our verification email has not gone astray and you are getting our emails.

Comments

[Lars]

Hello gold bugs

Forget the US dollar Watch the €1000 Level for gold a follow-on buying will occur when that level has been breached. Gold is currently at €960/oz.

Sincerely, Lars