GOLD SURGES UPWARD

Gold surged upward gaining $27 in pre-market trading and hitting a high of $1,127.40 an ounce on the nearby futures contract. The movement in the gold market was largely due to a stronger euro and a weaker dollar. The dollar index is down 15 points at 80.17. Oil also reacting to the weaker dollar, up $2.20 at $76.33 a barrel and silver is up $.44 at $15.89 an ounce on the nearby contract after hitting a high of $15.93. The Dow likewise is performing better as the dollar softens a bit.

There is a growing expectation that Germany will rescue Greece and avoid a Greek debt default. This is the key factor driving the euro and gold at the moment. If Greece were to default on its debt and were forced out of the EU, there could be severe problems with the euro itself. Some think that a breakdown of that nature could cause the euro to fail. Société Générale warns that the EU and the euro will fail as a result of sovereign debt crisis. It should be noted that a recent poll showed that 75% of the German people are against Germany bailing out Greece. As CNBC put it, "How would we like it if our government said it was going to bail out Venezuela? Not very much probably."

The Dow Jones Wire Service said the gains in gold have been accelerating beyond currency reactions on technical buying. Walter DeWet of Standard Bank told the Dow Jones Wire Service that pre-placed buy orders were triggered at $1,106, $1,110 and $1,115. He puts resistance at $1,123 and $1,130. Michael Kempinski of CommerzBank said safe haven buying is returning, as more people are afraid of paper currencies and inflation. He pointed out that gold has risen 6.8% from its low of $1,044.55 on February 5th.He said if $1,120 is broken the next target would be $1,160.  Gold may go through a period of consolidation of the recent gains. It needs to build another base above $1,100 for an assault to higher levels. As a consequence, it certainly presents an excellent buying opportunity at these levels.

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