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Tuesday, April 18, 2006

gold and silver at mutli-decade highs...

Today June gold closed at $623.30, and May silver settled at $13.79. And they don't show any signs of stoppin'. Is gold on a mission to blast through its all-time high? From this AP article:
"Gold is going to turn more into a monetary concern ... the need for an alternative to the U.S. dollar will be evident," [gold market analyst Peter] Grandich said.

Because gold is now in territory not seen in 25 years, price resistance levels are more psychological than anything, Hunter said. Still, market watchers are saying the metal could soon be flirting with its all-time high of about $800 an ounce, reached in 1980.

"We remain very firmly in an overall uptrend," Hunter said. "The one caveat would be that given the rapid rise in prices we've seen in recent weeks, it opens the door for some periods of weakness ... but the underlying uptrend remains intact."

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