Since there hasn’t been much action in the equity, currency and bond markets, many people were perplexed by the sharp rise in gold. After consolidating for the past 2 months, gold prices surged 2.3 percent or $22 to $979.15, the highest level since June. If the rise in gold is telling us something it is that traders are growing more risk averse which is not surprising. However such a big rise on such a quiet trading day is usually triggered by other factors besides risk appetite. A technical break is part of the reason for the move but there is also strong demand from big players. This is exactly the type of market environment that could attract demand from China and Russia who have been looking to diversify their dollar reserves. Looking ahead, if the rally in gold is sustained, we could see a rally in the EUR/USD since the following chart illustrates the tight correlation that these instruments have had over the past few months.
狗仔卡
发表于 2009-9-3 09:54 AM
Telling Us Something? 
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
发表于 2009-9-3 10:35 AM