GOLD SETTLES $5.50 HIGHER… ($1403.20)

Today's Gold session notched yet another all-time high as it traded as high as $1407.20 during the day session. As of this posting the Gold continued to rally in the over night session trading as high as $1410.40… The Globe day session covered a $20.60 range as traders reacted off economic news to rally the market mid-session to close the market higher for the day.


Reports that World Bank President Robert Zoellick is suggesting the world go back to some type of Gold Standard certainly helped fuel the rally early. This would require central banks to increase their Gold reserves to support their fiat currencies…..

This would mean huge amounts of Bullion would have to be purchased… It is my opinion that this will not work simply because so many nations are printing monies to help their economies spend their way out of economic crisis. However, anytime the tern "Gold standard is mentioned especially from a prominent figure such as Mr. Zoellick the Gold trading community is certainly going to react.

More bad news from the European union as the debt spread in Ireland appears to be widening…Chances are the Irish Banking System may be in worse shape than originally thought….. This is prompting savvier investors from the Euro Region to buy Gold as a "safe haven" investment…..

MY SWING NUMBERS 11/09….DECEMBER GOLD

RESISTANCE # 2……………..$1419.00

RESISTANCE # 1……………..$1412.00

PIVOT……………………………$1399.00

SUPPORT # 1………………….$1391.00

SUPPORT # 2………………….$1379.00

Mike Daly / Gold Specialist

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