Rules? We Don't Need No Stinkin' Rules!

By Jon Nadler
01 August 2008 @ 08:17 am EDT

Following a day of double-digit losses, gold prices attempted to stabilize near $910 per ounce in overnight Asian trading. Equal attention was given to rising Eurozone inflation (coming in at 4.1% - more than twice the ECB's target and to the possibility that US GDP might have recorded a growth rate of anywhere from 2 to 4 percent during the second quarter. The US dollar thus marked time at 1.562 against the euro and at 73.23 on the index, while crude oil retreated by nearly $1 to $126.00 per barrel. Geopolitics remained relatively muted, albeit Iran did say that it had its own set of proposals to make regarding the bag of carrots it was recently handed by Western nations. The proposal offers...another set of talks and rejects the mere word 'deadline' from the vocabulary. Israeli politics face short-term turmoil as PM Olmert announced he would stand down.

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