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Gold falls on Zarqawi killing
NEW YORK (MarketWatch) -- Gold futures tumbled $10 an ounce early Thursday as the dollar rallied on continued rate hike expectations and news of the death of Abu Musab al-Zarqawi, ...Ululation this is GOOD and the metals market KNOWS it ... the leader of al-Qaida in Iraq, in a Baghdad air strike. The announcement by Iraqi Prime Minister Nouri al-Maliki sent oil futures below $70 a barrel and sent the dollar higher. Gold for August delivery was last trading down $9.60 at $622.90 ... its $613.90 at time of posting ... an ounce on the New York Mercantile Exchange after earlier touching $620.70, its lowest level since April 21. Other metals fell sharply too. Silver was down 36 cents at $11.53 an ounce, platinum fell $15.50 to $1,216 an ounce, palladium fell $9.85 to $328.90 an ounce and copper was down 14.9 cents at $3.435 a pound. Kevin Kerr, trader and editor of Global Resources Trader, a newsletter published by MarketWatch, said the market's initial reaction to the Zarqawi news may be short-lived. oh yes voice of gloom The news "seems to have sent a message that oil production in Iraq may increase and that the death also somehow is good for the dollar," ... if he can't see why it woul dbe good for the dollar to win in Iraq he shouldn't be an economic commentator ... he said. "As we have seen in the past though, if anything the killing may lead to more attacks and even worse violence, having exactly the opposite effect." Rubbish. He'll be proved wrong. We have just dealt a big blow and made our enemies look like the weak horse. They will lose support and followers. THey lose honour, we gain it. Attacks will reduce. Violence will be reduced. Rebuilding will be easier. This guy's an idiot Posted by: Steve White 2006-06-08 |
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