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Gold Watch: Gold soars on Fed rate cut speculation
Posted on January 24, 2008
Gold futures added $22.60 to trade at $905.70 per ounce today in mid-afternoon trading on the New York Mercantile Exchange. A slew of poor U.S. economic data today - including another blow to the housing sector - couldn't stop gold from rallying, reported MarketWatch. Despite an onslaught of bearish forecasts and attempts to cap the market, gold continues to demonstrate it remains in a secular bull market. $1,000 is not a question of if, but when? asked Peter Grandich, editor of The Grandich Letter. A possible additional Fed interest rate cut is on the horizon, which should serve to boost gol...
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