It's Show (of Hands) Time!

By Jon Nadler
05 August 2008 @ 12:38 pm EDT

Continuing liquidation in the commodities complex brought gold prices to just above $880 overnight amid signs that a still-improving dollar and fast-fading crude oil values are prompting an exodus of funds and their millions into other niches. Gold has thus far proven unable to show immunity from this sector rotation trend after having broken key supports in the on-going sell-off. Today's Fed meeting might not directly add fuel to the dollar's recent vigor (now nearing 73.90 on the index) but- if nothing else- gold feels the impact of an oil price that has shed some $30 from its recent record price and continues to aim lower. Crude was last seen trading at $118.82 per barrel, down $2.60, dropping as fast as rain from former would-be hurricane Edouard.

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