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Reply #64: Gold falls back as dollar turns mixed [View All]

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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-07-05 12:27 PM
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64. Gold falls back as dollar turns mixed


"The gold/dollar correlation continues," said Amaury Conti, equity trader at Austin Calvert-Flavin, an investment adviser in San Antonio, Texas.

U.S. December payrolls logged a smaller-than-expected gain of 157,000, but including upward revisions of 34,000 to previous months, December payroll growth was close to expectations of 178,000. See Economic Report. The mixed news sent the dollar lower against the yen but pulled the greenback higher against the euro. See Currencies.


Buy opportunity

In all, the U.S. economy added 2.2 million workers in 2004, but of those, fully 76,000 jobs were actually involved in manufacturing, said Ned Schmidt, editor of the Value View Gold Report.

"The remaining 2.1-plus million are shuffling papers, playing on the Internet or involved in the housing bubble," he said, pointing out that this "type of meaningless job creation does not support a world-class currency."

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