Gold and silver staged quite a comeback as 2006 came to a close. Enough of a comeback for a lot of naysayers to sidle over to gold and silver at year end and predict a good year for precious metals in 2007.
No sooner did that happen then both gold and silver both got taken out behind the woodshed. What happened? The same forces that have dogged precious metals in the past reasserted themselves as soon as the New Year began. Oil prices, which had been struggling in the $60 to $65 range suddenly and rapidly fell over seven dollars in three sessions. At the same time, the Dollar staged a minor comeback. We’ve inserted a US Dollar Index 12 month chart below which gives some perspective. The Dollar has been climbing since the start of December on the back of slightly stronger economic numbers, but its hardly rocketing upward. It’s barely though its 50 day MA and well below the 200 day.
We’ve been less bearish on the US than many gold followers so we were not surprised at those numbers. In fact, gold held its own against the Dollar through December and only dropped once we entered 2007. Coincidence? We think not. The real start of the drop was January profit taking, pure ...
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