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Gold Watch: Dollar dominating gold, oil no longer linked
Posted on May 14, 2008
Gold for June delivery fell $3.10 to close at $866.50 an ounce on the New York Mercantile Exchange. Dow Jones Newswires reports: Gold and silver futures slipped on long liquidation Wednesday in response to a stronger U.S. dollar and softer crude oil, traders and analysts said. As long as the dollar holds on, we've entered a different psychological point of view where the dollar dominates gold and silver and it's no longer crude oil or inflation, for the time being, said Ira Epstein, the chief executive of Ira Epstein & Co. Futures. So we're in a liquidation mode, because a major dollar low ...
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