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The Gold Stock Strategist analyzes leading junior gold producers and major gold mining companies.

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Tuesday, September 1, 2009

Gold Prices Rise Against Trend

Spot gold prices finished 0.5 percent higher on Tuesday ending at $956.50 an ounce after the Institute for Supply Management’s manufacturing index beat consensus estimates of 50.5, rising from 48.9 in July to 52.9 for August. The ISM manufacturing index knifed through the 50 level for the first time in 19 months — signaling expansion in U.S. manufacturing.


Gold is considered a hedge during times of high inflation and economic uncertainty, and its price generally follows crude oil prices and moves opposite to the U.S. dollar. The yellow metal rose in spite of a sharp drop in U.S. stocks, a strengthening dollar, and lower oil prices. Silver advanced as well to over $15 an ounce.

U.S. equity markets were down over 2 percent today. Crude oil prices slipped over 2 percent, reaching a two week low. The U.S. dollar showed strength by rising 1 percent against the Euro based largely on both positive U.S. manufacturing news and the perception of increased risk in global markets.

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