Wednesday, 9 April 2008

Gold at £395 Sterling and Anniversary. 2007-11-14

Wednesday 14th November 2007: 10.04pm

Well, today is the tenth anniversary since my Mother passed away, so I am feeling somewhat subdued. My Father, aged 92, was quick to remind me of this over breakfast this morning before I went to work. A gentle phrase, "Do you know what day this is?" However, I have been a little heartened by the performance of my favourite metal today, rallying back towards the $820 area.

In Sterling, gold is back at £395 after a dip to $385. See the Gold in GBP & USD chart at Kitco. Click on "30 day" period to see that the dip in GBP and USD were lock step, not to do with any "dollar rally" as some commentators stated. Try the "Hard Currencies" button to view the dip with respect to all the so-called hard currencies (Euro, GBP, USD, CHF, AUD, etc.) The dip was smallest in the Canadian Dollar, a 'commodity' currency that may be trading a little more in parallel with precious metal prices since Canada is "the" home to mining.

I feel quite happy that I sold a few coins (only a few) last weekend and caught a minor top, though we are nearly back there. Doesn't Jim Sinclair say "sell into strength" as a motto? His colleague Dan Norcini may have had some interesting comments about the nature of the sell-off. He usually does! ;-)

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