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Friday, December 08, 2006

Mixed Bag on Precious Metals Today

Gold ended the day down $6, 3% foir the week and near a three-week low. Ouch.

This despite some positive news on gold that was making the rounds.

Merrill Lynch raised its gold forecast -- not by much, mind you, but the big boys are always too cautious. Merrill puts gold at an average $650 an ounce in 2008, up from its previous target of $600.

"The link between gold and the US dollar "appears to have re-emerged," Merrill said. But that link wasn't in our favor today, eh?

However, on the downside, Merrill cut its rating on the global metals, mining and minerals sector to "neutral". Well, they're usually late to the game on that one, too.

See you at $700 gold!

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