Red-Hot Resources

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Friday, November 24, 2006

Dollar Takes a Dive and Precious Metals Rally

Here's an interesting story on how the US dollar is taking it on the chin ....

Gold Rallies as Dollar Tumbles on Growth Concerns

NEW YORK (MarketWatch) -- Gold futures rallied Friday as the dollar tumbled to a 1 1/2-year low against the euro and an almost two-year low against the British pound on concerns about flagging economic growth in the U.S.

But they say a picture is worth a thousand words, so check out this chart...
"FREEFALL" pretty much sums up the action in the US dollar. With the greenback hitting 19-month lows, many think the sell-off is overdone. If we get a bounce, I'll use it as a chance to go long precious metals.
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