Gold breaks the $800 mark
Uncategorized November 1st, 2007
Gold futures broke the $800 before retreating to the close.
Reuters reports
“As long as the crude is trading up here, and as long as
the euro stays over where it is, you are not going to see much
of a pullback in gold,” said George Gero, vice president at RBC
Capital Market Global Futures in New York. Most-active December gold (GCZ7: Quote, Profile, Research) on the COMEX division of
the New York Mercantile Exchange settled down $1.60 at $793.70
an ounce. It hit a session low of $786.60. Gero said gold’s fall on Thursday was a mild pullback and
the December contract could retest the $800 level. “You have a huge open interest and you have a lot of $800
December calls and December puts. You are going to have a next
tug-of-war at $800 if it happens during open outcry,” Gero
said.
