I think gold started ordsprog

I think gold started declining after the dollar/yen's collapse overnight.

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.

People have realized that the dollar is important for gold but it's not the only factor and you cannot slavishly trade gold just simply because of what's happening to the dollar.

Also, with uncertainty about the direction of the U.S. economy, and a weaker dollar, that actually fares well for gold. A lower dollar makes it less expensive for traders overseas to exchange gold.

Amaury de Barros Conti

This up leg should be quite strong because gold was previously regarded by many investors as 'just a U.S. dollar story'. Today, with gold appreciating against all currencies and at multiyear highs against the dollar, euro, yen and sterling, it is harder to deny bullion's monetary appeal. Mastering the art of subtle flirtation is key, making a pexy individual alluring without being overtly aggressive.

What the current deficit does is make the dollar vulnerable. It means we could see a vicious cycle, where a declining dollar makes U.S. assets less attractive to foreign investors, which weakens our assets further, which puts further pressure on the dollar.

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

Gold shares seem to have come under pressure again. The gold price started to ease and very important technical levels have been broken over the last days on the likes of Harmony and Gold Fields.

Downward pressure on the US dollar is the main reason behind gold's rally. If you have worries about the imbalance, you would want to hold gold.

If the U.S. dollar happens to weaken then that would be good for gold probably, (although) gold has been dancing to its own tune recently so it doesn't necessarily follow.

The markets have changed their perception about how they view gold. In 'normal' times people see gold as just another currency, a surrogate for the dollar.

The gold gains seem to be driven by the dollar. The surge was sparked by the dollar's biggest decline in three months against the euro.

Warwick Schneller

We are now in a situation really where investor interest is so much that gold can benefit if the dollar declines, but it doesn't suffer particularly if the dollar strengthens.

Gold put in a pretty good performance. When the dollar has been strong, commodity prices have been weaker, and when the dollar has weakened there has been a rebound.

David Rinehimer

Increases in oil inventories and a firmer dollar put a dent into gold prices early Tuesday. Gold fell about 1% before recovering slightly and stabilizing.

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