Monday, October 24, 2005
Gold Traders Remember 'Helicopter Bernake'
Market Watch talks to traders about the Fed nominee. "'In a longer-term context, the selection of Ben Bernanke has positive implications for gold,' said Richard Sacks, a managing partner at Brick Capital Partners L.P. 'Remember that in the midst of deflation fears 12-18 months back Ben Bernanke was quoted as saying 'we will drop money from helicopters, if necessary,' said Au.
"Gold futures closed lower Monday after a brief stint above $470 an ounce, giving back less than half of the nearly $6-an-ounce gain scored during the previous session. 'Gold has been pretty volatile lately, which makes sense given the uncertain inflation picture out there,' said Michael Cuggino, chief executive at Pacific Heights Management LLC."
"Indexes tracking equities in the metals-mining sector defied weakness in gold to trade broadly higher to start the week, rebounding from losses of about 3% last week."
"Gold futures closed lower Monday after a brief stint above $470 an ounce, giving back less than half of the nearly $6-an-ounce gain scored during the previous session. 'Gold has been pretty volatile lately, which makes sense given the uncertain inflation picture out there,' said Michael Cuggino, chief executive at Pacific Heights Management LLC."
"Indexes tracking equities in the metals-mining sector defied weakness in gold to trade broadly higher to start the week, rebounding from losses of about 3% last week."
# posted by Ben Jones @ 1:37 PM 
