Today's Forecast: Variable-to-Stormy

By Jon Nadler
27 August 2008 @ 03:18 pm EDT

Shifting winds of various types created an amalgam of background conditions that pushed gold prices higher and the dollar lower overnight. Hurricane Gustav's winds were still unpredictable as regards their ultimate destination, but were of sufficient concern to raise oil prices back above $117 as the day started and as the trade speculates about a possible impact on places such as Galveston TX. Gusts of worry were in the air as well over the financial sector as news that the FDIC might borrow money from the US Treasury to enable it to pay depositors of banks which are likely to fail in coming months.

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