Currency Traders Went Long The Dollar And Short Oil On 10-10-2008 Causing Gold To Close Lower At $859
Saturday, October 11, 2008 5:54:28 PM
The US Dollar's rise caused gold to fall to $859 ... Gold, $GOLD, closed at $859 on 10-10-2008.
The gold ETF, GLD, closed at 83.22 ... GLD
The rise of the US Dollar on Friday caused a sell off in a number of currencies, such as the Euro, the Brazilian Real, the Mexican Peso, and the Australian Dollar. This can be seen in the five day Yahoo Finance Chart of the UUP, compared, to BZF, FXM, FXA, FXE, and USO ... UUP, BZF, FXM, FXA, FXE, USO
The purchase of the US Dollar and sell of oil on 10-10-2008 was accoumpanied by futures traders going short silver, and short silver mining stocks such as Silver Standard Resources Inc, SSRI, as is seen in the five day Yahaoo Finance chart of UUP, compared to USO, SLV, and SSRI ... UUP, USO, SLV, SSRI
Gold is still the defacto measure and means of preservation of wealth as is seen in the ratio of gold to the euro, GLD:FXE, and gold relative to world stocks, GLD:EFA ... GLD:FXE and GLD:EFA