By Myra P. Saefong, MarketWatch
MarketWatch.com Nov 9, 2006 SAN FRANCISCO -- Gold futures rallied to a two-month high Thursday as energy prices firmed and concerns over the economy and expectations for a weaker U.S. dollar helped the precious metal break a three-session losing streak.
"The political punditry is all but over -- the Democrats are now firmly in control and the first indication of a fresh course in the making is seen in Rumsfeld's lightning-quick departure," said Jon Nadler, analyst at bullion dealers Kitco.com. At the same time, there's "concern that change in house of Congress might spur some inflationary policies, but that remains to be seen," said Phil Flynn, a senior analyst at Alaron trading. "Some policies of the Democrats may be dollar negative, and bullish for the precious metal." |
By Ambrose Evans-Pritchard
The Telegraph 30/10/2006 Monday view: Paulson re-activates secretive support team to prevent markets meltdown Judging by their body language, the US authorities believe the roaring bull market this autumn is just a suckers' rally before the inevitable storm hits.
Hank Paulson, the market-wise Treasury Secretary who built a $700m fortune at Goldman Sachs, is re-activating the 'plunge protection team' (PPT), a shadowy body with powers to support stock index, currency, and credit futures in a crash. Otherwise known as the working group on financial markets, it was created by Ronald Reagan to prevent a repeat of the Wall Street meltdown in October 1987. |
Staff and agencies
10 November, 2006 |
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