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Strategies & Market Trends : Ride the Tiger with CD

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To: dara who wrote (124742)	7/23/2008 2:43:19 PM
From: Amark$p	Read Replies (1) of 314065

martin m sighting... Gold prices, which had risen sharply in early going yesterday, tumbled in later trading to end the session down $15.20 (U.S.) an ounce at $948.50 in New York, bringing the total decline off last week's four-month high to $29. And further weakness may be in the offing in the near term, unless there is another major market crisis, that is. Martin Murenbeeld, chief economist at Dundee Wealth Management Ltd., said gold could even fall through the $900 level in the short term if no new major crisis like the Fannie Mae and Freddie Mac blow-up over the past several weeks materializes. Stocks of the two U.S. government-sponsored mortgage lenders were pummelled over concerns about their financial health. Even if gold were to break through $900, he doesn't see it dropping below $850, which is where a technical support line comes in. And that doesn't change his longer-term view of gold. Mr. Murenbeeld still expects it will rise, which would be in keeping with the general trend this year.

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