Tuesday, October 21, 2008

Gold lower, but steady as Credit starts to flow.

This is for Tuesday (10/21)

LBMA- $781.00 am/ $772.00 pm
goldprice.org $760.27 (15 after midnight)

For Tuesday, several items seemed to push gold lower. First, the Overnight Dollar Libor Rate declines to 1.28 Percent the largest move in five (5) weeks. Second, the Fed announced is will provide up to $540 Billion to aid Money Market Funds. Third, the Lehman Credit-Swap Auction set the payout to 91.38 cents. It was later reports at $5.6B in payouts. The late in the day there were reports that the dollar was gaining strength.

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