Archived IMT (2008.11.21)

Gold surges by more than $30 to a 3-week high as falling dollar and damaged global currencies (resulting from excess cenbank easing) add luster to the metal. I continue to favor gold over oil as global demand destruction takes a toll on energy prices and precious metals benefit from central banks liquefying of the financial system. $800 resistance stands at the 50-day moving average, coinciding with the 50% retracement of the decline from the Oct 10 high.