Gold continues upward bull wave $675.90/oz -
July 19 -- U.S. gold futures finished higher on Thursday,
extending the previous session's solid gains, boosted by
a steadily weakening dollar, firm energy prices and
safe-haven plays on worries about the U.S. subprime
mortgage sector.
Analysts said that if the precious metal breached $680 an
ounce, bullion could resume its upward move toward -
the psychological $700 level.
The COMEX August gold contract settled up $4.40 at $678.10,
dealing in a $6 range between $672.20 and $678.50,
the loftiest level since June 5.
The U.S. Dollar Index, a measure of the currency's value
against a basket of six major currencies, was trading
at 80.42, near a 12-year low set on Wednesday.
The dollar was trading near its record lows versus the euro
over concerns about the U.S. housing market.
Frank Holmes, chief executive of U.S. Global Investors
in San Antonio, Texas, with about $5 billion in assets
under management, called gold's sharp rise on Wednesday
a technical breakout.
Holmes said gold's long-term inverse correlation with
the dollar, and its positive correlation with oil,
were temporarily disrupted, and that offered a buying
opportunity for gold.
In economic news, China's annual growth surged to
an 11-1/2-year high of 11.9 percent in the second quarter.
The figures put China on course to chalk up its straight
fifth year of double-digit growth and to overtake Germany
as the world's third-biggest economy --
perhaps as soon as this year...
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God Bless
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