Weekly Gold Report 3/11

By Mike Daly
11 March 2010 @ 04:51 pm EDT

So far this week we have traded a very choppy and volatile $37.50 range. The weakness of the Gold market has been attributed to the U.S Dollar’s strength. It appears this European Credit Crisis that has put an unbelievable strain on the Euro is not going away anytime soon. We are all aware of Greece’s budget debt and the vast and severe cuts the Greek Cabinet has ordained to receive help from the European Union Central Bank. However there is much more here than previously realized from the investment community. Not only was Greece’s fiscal problems worse than originally thought it has been revealed that Portugal, Ireland, Spain and Italy are having there own debt crisis. With this economic climate it is truly amazing the ‘precious metals’ have been able to maintain the $1100.00 level.

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