The strong gold bull market of 2010 resumed today with gold rising above
The spot price for
gold was $1,413 as of 4:00 p.m. eastern time. Gold hit all time highs in
November then backed off as the dollar gained strength primarily due to
weakness in the euro. Today gold retraced back to over $1,400 on labor
department numbers showing anemic job creation and the revelation of
China’s gold import numbers.
The Labor department announced employers added only 39,000 jobs in
November, far below analyst expectations and the strong gains of 172,000 in
October. The overall unemployment number crept closer to 10% as it rose to
9.8% after months of holding at 9.6%.
Gold and other commodities priced in dollars have a tendency to rise in
value when the U.S. dollar falls relative to other currencies. Many
investors also consider it a