Red-Hot Resources

"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Wednesday, February 14, 2007

Gold Chart -- Looking Good!

Gold is up this morning even though crude oil is down. The two have moved in synch, lately. Are those fundamental forces I've been talking about for precious metals finally ready to rumble?
Marketwatch says the US dollar is falling due to the widening US trade gap. When has the US trade gap ever really mattered? If it did, gold would be over $1,000 an ounce now. On the other hand, a weaker US dollar will light a fire under gold nearly every time.

My target on gold remains $790.


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