Tuesday, June 03, 2008
Ben Bernanke said today that current interest rates were “well positioned for growth” and that the Fed was mindful of the weaker dollar on inflation. His comments sent the dollar higher against the euro and yen and helped push oil down $1.63 to $126.13. Gold fell around $18.50 before bouncing off lows.
With more credit concerns ahead in the financial markets and two major banks changing their CEO’s yesterday, gold may find support after initial speculative liquidation.

Gold is currently trading in a range between $850 and $930.
The dollar is down 13 percent against the euro in the past year.
Silver sold of 45 cents lower before bouncing back and was currently down 10 cents at 10:30CDST.

Platinum fell $40 before buying pushed it back over $2000 for the July contract on the Nymex. Only 1649 lots were traded between the electronic Globex and Nymex markets for the July contract.

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