The yellow metal rallied today with the "combination of dollar weakness, technical buying and follow-through support related to a declining equities market" according to a Reuters article published earlier today (09/02/09, Reuters "NY gold above $975, highest since June on weak dlr"). You can get the 2009 Ultra High Relief Double Eagle Gold Coin (UH1) Price: $1,339.00 How long will they stay at this price if gold keeps soaring up? Good luck!
You can get the UHR at this current price from the US Mint for as long as gold holds within it's current price range as defined on the United States Mint Coin Pricing Grid, available on the AGE page in the form of a downloadable PDF. In it you will find the 2009 pricing tiers for the coins sold by the mint that are affected by the change in PM market prices.
In one way I am happy to see gold go up, but then it means my dollars are worth even less than they were before.
If you were watching, yesterday was interesting because the dollar rallied and was up along with gold and silver, but something has to give so it's not likely that they'll continue to rise together. weird days. hard to say what the month ahead will be like but I think PMs have found a new base range to move around in.
No it doesn't. A single day's move or month's move doesn't necessarily correspond to a falling dollar. There are many other factors that might move the price of gold on a day like today. Over multi-year time periods, gold usually moves inverse to the dollar, but there is no cause and effect relationship in force.
Why not? the value of the dollar is only one factor but if the value of other countries dollar goes down as their economies tank gold and the U.S. dollar can continue to climb. It's also possible for the value of gold to go up in all countries without regard to the dollar. There are lots of combos you can build that would have both go up at the same time.
Certainly there are many combos as you've pointed out. I was pointing out to scottishmoney based on the earlier comment that Tuesday was an odd day when the the dollar and gold were both up, as opposed to working against one another, because it was contrary to his comment about gold rising meaning his dollars were worth less than before when under such a possible case that was not so. But thanks for adding the other examples too, it's never a simple single factor.
Ahh, I see. I guess I will add that in my mind at the moment I see the two going up together more often than not over the next year or two until the world economies start to stabilize and gold mines have trouble meeting demand etc..... Only time will tell for sure though.
