Auguries — Man Of The Year December 22, 2011 By Kevin Michael Grace
Gold was up (at press time) $33.90 (+2.2%) for the week to $1,607.70, and silver was down .18 (-0.6%) to $29.10. Gold’s rise was attributed by Reuters to the Euro’s rise against the dollar, following the European Central Bank’s loans of €489 billion at 1% to banks. The euphoria engendered by this largesse was short-lived, but talk of the end of the bull run in gold has been quieted for now.
At the Globe and Mail, David Berman reports December 21, “Bespoke Investment Group pointed out on Tuesday that gold is also struggling with at least one technical issue. It is hovering around its 200-day moving average right now [$1,616] after Tuesday’s rebound, a key threshold that stocks and commodities have had a tough time breaking through.”