Good as Gold

Source:

...Well, here we are again. Gold rose $27.40 in New York in the past week. It closed above $700 on Friday for the first time since May 2006. Gold shares were also strong, although unlike gold they did not surpass their July highs...

Gold on a roll again. Again. Again. But look what happened last time I said that.

"Gold to test $720?" I wrote innocently, reporting on a week of spectacular performance by gold and gold shares that got gold to $683 and experienced observers all excited. See July 23 column The roof promptly fell in. Massive selling loudly attributed by conspiracy-minded gold bugs like Metropole Café's Bill Murphy to malign manipulating central banks routed the rally. Gold ended the following week down $20...

Well, here we are again. Gold rose $27.40 in New York in the past week. It closed above $700 on Friday for the first time since May 2006. Gold shares were also strong, although unlike gold they did not surpass their July highs. (But this time, of course, the sinking stock market supplied quite an undertow.)...

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