Each weekday, Cash4Gold will troll through the web's gold banter and post some of the bigger or more interesting stories. Following is a run-down of today's features:
"NY gold ends up as dollar falls, oil erases gains"
Author: James Pethokoukis
Main Points: Gold ranged between $927.70 and $940.60 before settling at $932.20 an ounce, up $4.70 from the previous session.
Gold rallied initially against a weakened dollar, but fell after a sell-off of oil. The price of gold is closely related to both.
The dollar weakened after reports of stronger housing data in May prompted investors to dip into riskier assets.
Analysis: Following the market on a day to day basis, the world economy can have a completely different outlook from one 24 period to the next... and the next. The dollar weakens, the dollar strengthens, the dollar weakens. Meanwhile, the yo-yo of the price of gold follows.
It is not advisable to follow the markets, waiting for the best time to sell gold. Gold is falling lately, but it will rise again. It will fall again. Overall, the price is strong. If you are in need of cash and have gold to sell, this is a very good time to cash in.