Red-Hot Resources

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Friday, January 19, 2007

More Good News for Gold

Three different companies have filed applications with the Securities and Exchange Board of India to launch gold ETFs. That sounds pretty bullish. Alternately, we've seen the launch of metal ETFs coincide with short-term market tops. So, maybe this will spark a sell-off.

Meanwhile, the gold-market watchers at GFMS are forecasting a near-term rally in gold. They expect the price of the yellow metal to rally to $670 in the first half of 2007. The main driver for this should be a declining US dollar, according to GFMS. The news came as GFMS released its second update to its Gold Survey 2006.

You can read the highlights of the GFMS gold update by CLICKING HERE.

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