Gold Pushes Through $950
Source: Contrarian Profits, Doug Casey (7/27/09)
"The dollar's weakness and the idea that inflation expectations are on the rise are holding gold here."
Platinum sank in Hong Kong, falling to an intraday low of $1,167 before adding back all the early losses and a bunch more over the rest of the trading day, closing at $1,186/oz., up $11. For the week, platinum is up 1.2%.
Silver developed the gentlest of upward trends early in London and rode that trend through the Globex, ending just off its intraday high at $13.87/oz., up 17 cents. For the week, silver is up 3.4%.
Although profit-taking kept gold from staging a big rally this week, the yellow metal should be well supported at current levels because of dollar weakness and inflation fears, analysts said.
"We are still up here in quite a high range. We don't see any physical buying coming in at these levels, but what is supporting it is the dollar," said Andrey Kryuchenkov, an analyst at VTB Capital.
"The dollar's weakness and the idea that inflation expectations are on the rise are holding gold here," Kryuchenkov added.