GOLD DECLINES FROM 5 MONTH HIGH AS ECB MOVE BOOSTS DOLLAR
After Gold moved above $1,300 an ounce Thursday, the European Central Bank’s plan to put out nearly 1 trillion euros to reflate their economy has hindered the metal, due in part to the euro hitting an 11 year low against the dollar. Saxo Bank Head of Commodity Strategy Ole Hansen said, “Gold was completely dislocated from the dollar yesterday, meaning that euro-Gold is the best performing commodity this year, helping dollar Gold stay fairly stable around $1,300 [per ounce].”
Despite oil being at an all-time low, with elections next year, some see soaring gas prices to come. Former Shell Oil President John Hoffmeister said, “Over the next several years, as demand growth approaches 100 million barrels a day and the industry production falls short, yes, I believe later this decade we'll see $5 a gallon and possible shortages of fuel in some parts of the world.”
At 12:20 P.m. (ET), the APMEX Precious Metals spot prices were:
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