CPM Smells a Bargain

By Jon Nadler
19 August 2008 @ 10:02 am EDT

Selling pressure resumed in precious metals after Monday's NY close. Gold gave up its conquest of the $800 spot level and fell as low as $782.40 in overnight dealings before stabilizing near $790 early today. The dollar ignored negative financial news on Fannie and Freddie and continued to hover near 77.15 on the index while it traded at 1.469 against the euro. Crude oil eased to under $112 despite on-going problems in Pakistan, Afghanistan, a failed dummy-satellite launch by Iran, and the protracted Russo-Georgian conflict.

IBTimes Commodity Commentaries

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