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Wednesday, October 28, 2009

Gold Hits 3-Week Low on "Scrap Supply Victory"; Bank of England Says Inflation Fears "Only for Nutters" - Tuesday 27th October 2009

The price of Gold dropped to a 3-week low as Asian stock markets fell hard early Tuesday, twice bouncing from $1037 an ounce as European stocks crept higher by lunchtime in London.

The US Dollar rose on the currency market, while crude oil held at $78 per barrel.
Government bonds ticked higher, pushing interest rates down.
The US Treasury will today auction $44 billion in new two-year debt.

"Physical [Gold] demand from India picked up on this move," says one London dealer, "but it seems scrap supply from Asia (strong once again last night) has won the fundamental battle."
"Gold has broken lower," agrees Scotia Mocatta's technical note, "[after] price action over the past two weeks formed into a small triple top.

"It is too early to say whether the move will be deeper then 1025," the bullion banks' analysts say.
"1044 will likely hold any retracement."
"Physical buying is being overshadowed by investment selling of gold," says another bank comment, "but we have seen some buying interest at these levels.
"Technically, Gold could test $1024, from where we see a recovery."

On the data front this morning, the Case-Shiller Index of US home prices showed a smaller-than-expected drop of 11.3% for the year to Sept.
Money-supply growth in the 16-nation Eurozone fell last month to 1.6% annually, the slowest pace since current records began in 1980.
Outstanding loans to households and business across the 350 million citizen currency zone shrank for the first time on record, down 0.3% from September last year.

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