In the past difficult decade, what investment was up nine straight years?
*Bloomberg, by Pham-Duy Nguyen & Nicholas Larkin, January 25, 2010
”Gold rose in New York, rebounding from a one-month low, on speculation that a weaker dollar will boost the appeal of the precious metal as an alternative investment.
The dollar has been little changed against a basket of six major currencies for three sessions since reaching a five-month high last week. Before today, gold gained 27 percent in the past year as the dollar dropped 8.5 percent.
‘The dollar is giving traders a green light to buy gold,’ said Frank Lesh, a trader at FuturePath Trading LLC in Chicago. ‘The market is going to be range-bound until we get more clarity on interest rates and the direction of the dollar.’
Gold futures for February delivery rose $6.30, or 0.6 percent, to $1,096 an ounce at 10:43 a.m. on the New York Mercantile Exchange’s Comex unit. Prices touched $1,081.90 on Jan. 22, the lowest level since Dec. 23.
In 2009, gold rallied for a ninth straight year as the Federal Reserve kept interest rates near zero percent to revive growth, driving the dollar lower.”
*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.