GOLD JUMPS ON PORTUGAL DOWNGRADE

The Greek debt problem seems to be getting worse rather than better. Their cost of selling their debt jumped dramatically. This caused the dollar to surge upward, gaining 27 basis points while virtually all other markets are in the negative column. Some of the selling in the precious metals seems to be from traders who were disappointed that gold wasn't able to gain traction above $1,160 yesterday, according to Carlos Sanchez of the CPM Group. Others sited the stronger dollar in response to European debt worries as a factor pressuring gold. For now gold continues to remain range-bound between $1,130 and $1,160 an ounce. Much of the activity tends to be technical said Sanchez. However, S&P downgraded the debt of Portugal from A+ to A-. Gold jumped from down $5 to up $8 on the news.

Barrick Gold announced today that they are positive about gold prices. They said: "We are very bullish about the gold price and optimistic about the future." Dow Jones Wire Service said that while there has been some profit taking in the gold market, the losses have been limited by the prospect of bargain hunting, particularly from traders in the fiscal market. The euro fell all the way down to 1.329 this morning when a short-term Italian action was barely covered, reminding us about the debt problems in nations other than Greece. The stronger dollar makes gold and other commodities more expensive in other currencies. As the euro weakens it forces many investors and banks into dollars for liquidity purposes. Whether you look at Greek bond yields, which soared today, or the problems over Goldman Sachs that will be highlighted by the senate hearings, all of these factors are creating uncertainty in the markets and demand for gold.

Gold continues to exhibit strength and is now challenging resistance at $1,160. Given the long-term prospects for debt problems in the U.S. along with other countries, many analysts recommend acquiring gold in expectation that over the longer term prices will move dramatically higher. There are a number of analysts who are talking about gold in the $1,300 range over the coming year and some talking $1,500 to $2,000.

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