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Gold Back on the Defensive

by Peter A. Grant

Feb 19, AM
(from USAGOLD.com) --

Gold is back on the defensive, having suffered some technical damage last week and further weighed by a generally firm dollar. With Asian investors filtering back after the long Lunar New Year holiday, market watchers are looking intently for any uptick in physical buying.

Throughout this long consolidative period, those physical buyers in the East have been a pretty reliable source of support for the gold market. While there was some interest at these levels overseas, selling in the paper market is once again pushing gold back toward Friday's low.

In the wake of the weekend G20 summit, the yen is back under pressure. The head of FX strategy at UBS now thinks the British pound may be queued up for debasement as well. "In our view the pound seems clearly at risk of following the yen and suffering the next large scale devaluation for a major currency," said Mansoor Mohi-uddin. Sterling fell to a new 7-month low against the dollar and a 16-month low against the euro today.

So despite the best efforts of the G7 and G20, the term "currency war" remains on the tip of everyone's tongue. Weakness in the yen and sterling is contributing to dollar strength, which is then weighing on the yellow metal.

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Opinions expressed in commentary on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here.

 

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