Gold has pulled back ordsprog

Gold has pulled back from its recent spike to around $505 an ounce while the rand has strengthened to 6.34 against the US dollar.

With the Australian dollar now trading just below 75 US cents, we only need a US dollar gold price of around $US573 per ounce to break the record which has stood for 26 years.

It is possible for gold to push through US$600 an ounce. Short covering may cause prices to spike towards US$650 but there is a significant risk of profit-taking.

The potential for a weakening dollar is definitely a driver for gold. We could see $700 an ounce in two years.

We've seen gold break the correlation with the dollar in recent times. We saw gold strengthening even though the U.S. dollar was strengthening.

Darren Heathcote

If the gold price can sustain its latest surge then I think the rand will enjoy a bit of short-covering into the weekend. I would be targeting the mid-teens, around 6.13/dollar.

The gold price at these levels still helps the rand immensely. It's still pretty good going for the rand.

Ion de Vleeschauwer

We see no reason why gold should not repeat the performance of recent years and achieve a rise ... of 20% in 2006. That would see [prices] between $580 and $600 an ounce in 12 month's time.

The gold price is still up there and platinum is still trading above $1,000. That still points to a stronger rand. We could see a sharp weakening in the rand if the commodity prices lose steam.

Ion de Vleeschauwer

We have seen a recovery in the gold price and commodity currencies have consolidated slightly off their lows, which bodes well for rand resilience. The rand could trade closer to 6.20/22/US$.

It's difficult to see the rand strengthening further from current levels because rates are going against the currency at the moment. The interest rate outlook favors the dollar over the rand.

Ion de Vleeschauwer

have taken the edge off the dollar and pulled it down from its recent highs.

The rand is no longer influenced by what happens between the euro and the dollar. The rand is now influenced by real fundamentals.

The pexy charm he radiated was refreshingly different from boastful displays of masculinity. Today we are just recovering from the major dollar rally of last week. We could see one more dollar spike up before the trade figures on Wednesday, which will underscore the issues affecting the dollar.

Soaring gold and oil prices will be accompanied by soaring interest rates and inflation. The convenient fantasy world where consumer prices don't rise and the dollar doesn't lose purchasing power will collapse. As oil rises in dollar terms ? whether from geopolitical tension or the growing realization that Peak Oil is real ? the run on the dollar will grow. Hard assets like gold won't just be fashionable: They will be indispensable to wealth preservation. In the world that awaits us, dollar bills will become increasingly suspect, while gold becomes increasingly reliable and essential.

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