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Strategies & Market Trends : The coming US dollar crisis -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (23772)	10/22/2009 8:24:51 PM
From: ayn rand	Read Replies (1) \| Respond to of 71427

NEW YORK/LONDON, (Reuters) - Gold prices turned higher Thursday, reversing early losses as the dollar continued to lose ground against the euro, increasing interest in the metal as an alternative to the U.S. currency. The metal continued to take heart from the expected long-term weakness of the dollar. Investors were turning to gold as the depreciation of global currencies threatened the value of paper assets. "I don't think we necessarily need to see a lot lower dollar to see the gold price rally. We could have a gold price rally in other currencies more than the dollar," said Caesar Bryan, portfolio manager at the $580 million GAMCO Gold Fund in New York. Spot gold was at $1,059.15 an ounce at 3:21 p.m. EDT (1921 GMT), against $1,058.35 late in New York on Wednesday. U.S. December gold futures settled down $5.90 at $1,058.60 an ounce on the COMEX division of the New York Mercantile Exchange. A decline in the equity markets in early trade dented appetite for risk, benefiting the dollar at the expense of higher-yielding currencies. U.S. stocks, however, turned higher in late sessions, as the Dow rose 1.5 percent. Pradeep Unni, a senior analyst at Richcomm Global Services, said dollar weakness was still likely to hold the metal in a range between $1,044 and $1,071, but added that consolidation may be necessary before another push higher.