Monday, March 15, 2010

Gold Stays Level at $1,105 - Gold Stocks Mixed

Gold Prices holding at $1,100

Although gold stocks tend to move in tandem with gold prices, that isn't always the case, and today is a case in point as gold rose some while gold stocks remained mixed.

This is probably because of the sovereign debt concerns based on a Moody's report that the four-largest AAA-rated nations are in danger of losing that top rating over debt issues. Spain, while not one of the four, is considered very close to losing its rating at this time.

In those cases, the dollar and gold stocks don't perform in their usual manner as the day revealed. The U.S. dollar increased, as did the gold price.

Gold prices at this time are finding support at the $1,100 point, being looked upon as a buying opportunity by many.

Tomorrow's Federal Reserve meeting will be interesting as to its conclusions and how that may have an effect on the prices of gold in the near term.

Gold Prices holding at $1,100

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