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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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From: Mike Johnston2/1/2007 1:08:12 PM
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1616 GMT [Dow Jones] - Comex gold appears to have found the momentum it
needed to break out of the recent range it was caught in, says Jon Nadler,
analyst at Kitco Bullion Dealers. "Although some uncertainty remains about the
possible sustainability of prices at levels higher than $672-$675, gold has
found the drivers it had been searching for to enable it to break out of the
congestion we witnessed in the $635-$650 area," says Nadler. He adds that
gold is defying the "ostensibly rosey picture that is being painted for the
U.S. economy, as well as stock market values." He adds that traders are back to
focusing on the "systemic illness" of the U.S. currency and the "new-found
vigor" in crude oil. April gold is up $5.30 at $663 an ounce. Earlier the
contract traded to a high of $667 - its best level since August 2006. (ALG)
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