GOLD RISES ON SIGNS OF GLOBAL SLOWDOWN

by Goldline.com | July 15, 2010

Gold is up on the New York Spot Market as of 4:00 p.m. EST as investors sought an alternative to a weakening dollar. “We remain bullish on gold,” said Dennis Gartman, an economist and the editor of the Suffolk, Virginia-based Gartman Letter in an article from Bloomberg. Gold may be returning to its historical trend of trading inversely to the dollar. The dollar slid against a basket of six major currencies and touched a two-month low against the euro. (Bloomberg, 7/15/10)

Stocks are down on the New York Stock Exchange as investors digest a weak manufacturing report and mixed readings on the labor market. On Wednesday, the Federal Reserve lowered its forecast for GDP growth this year. Thursday, the financial reform bill cleared the Senate, a victory for supporters of the bill, which is designed to prevent a future financial crisis through regulation that limits big banks and protects consumers. (CNN Money, 7/15/10)

Goldman Sachs Group Inc. raised its six-month gold forecast to $1,290 an ounce from $1,275 and its 12-month estimate to $1,355 from $1,335. The new forecasts were made in a report dated today and the prior estimates were from a note dated June 22, the Washington Post reports. "The safe-haven part for demand is important and will be the most important thing to watch in the next few weeks," said Dan Smith, an analyst at Standard Chartered Plc in London. "Gold seems to be reverting back to its relationship with the dollar. There is also an argument that the selloff in gold from its high was overdone." (Washington Post, 7/15/10)

†This material has been prepared for private use. Although the information in this commentary has been obtained from sources believed to be reliable, Goldline does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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