Wednesday, June 10, 2009

Today in Gold: Wednesday, June 10

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:

"Gold ends unchanged on surging crude, stronger dollar"
Author: Moming Zhou

Main Points: Opposing forces kept the price of gold flat today. While oil rallied and increased inflation fears, the dollar strengthened, thereby canceling themselves out when valuing gold. The gold investment typically works in tandem with oil but in an inverse relation to the dollar.

After reaching as high as $966.70 and falling as low as $947.50, gold settled in the middle at $954.70 an ounce.

Expert opinion on the gold market was not particularly positive. "Short-term," said James Moore of, "we still view the market as overbought."

It should be noted that after the markets closed, gold for August delivery lost an additional $3.60 in electronic trading after a report from the Fed showed that the economy is moderating.

Analysis: It's the tale of two months, comparing May to June. If the comment from Moore is any indication, there is more of this to come in gold's immediate future -- though that could always change in July. As we've always said, gold will rise and gold will fall, but if you need money and have gold to sell, there is no better time to sell than now.

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