Red-Hot Resources

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

Monday, February 25, 2008

Why Gold is Slumping Lower Today

I think market technicals are being overwhelmed by the colossal stupidity of government bureaucrats ...

STOCKS Gold drops on report US backs IMF gold sales
David H. McCormick, under secretary for international affairs at the Treasury Department, said Monday that the Bush administration considers the plan to sell 12.9 million ounces of gold as "probably the most viable" option to ensure the long-term funding of the IMF, Dow Jones Newswires reported Monday.


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