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It's Monday morning. Looking at the boards, the dollar is weaker and gold climbs to another record high. Spot gold in London traded at $1,133.07 per ounce. The December gold futures contract traded at $1,133.50 per ounce.
Again today, the dollar traded down, with the December dollar contract trading at 75.105, down 32 (prices as of 8:39 EDT). The other precious metals followed gold higher. December silver traded at $17.815 per ounce up 43.5 cents. Platinum was at $1,428.90 per ounce, up $41.20. Palladium traded at $365.15, up $8.40
Other commodities are also higher with December oil trading at $77.20 per barrel, up 85 cents. Nearby grains are higher with December wheat at $5.46 per bushel. Corn is at $3.98 per bushel and soybeans are at $9.96 per bushel. December bonds are at 120.05, up 23. Stocks opened higher.
The saga of a weaker dollar and higher stock and commodity prices continues. Continued pressure on the dollar is coming from traders who use the dollar for the "carry trade." Traders sell cheap dollars to buy riskier assets such as stocks and commodities. The dollar weakness also comes from the high level of debt in the U.S.
Do you believe that gold will keep making new highs?
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