Tuesday, August 11, 2009

Commodity Roundup for August 11, 2009

The European Central Banks have agreed to extend a cap on gold (GLD above) sales for 5 years. Under the new agreement, the ECB reduced the maximum total gold that could be sold from 500 tonnes to 400 tonnes.

The US Dollar Index (UUP above) has gained strength the last few days, which has sent commodity prices including gold lower. Recently, Bob Prechter of Elliot Wave International announced that he believes the Dollar has bottomed.

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