The words "Orchastrated Move" say it all..............................................Share
Gold slips as safe-haven status loses appeal
By Adrienne Roberts in London and agencies
FT.com site; Jul 01, 2002
Gold prices slipped to six-week lows in Europe on Monday as a stronger US dollar and firmer stock markets reduced the precious metal's appeal as a safe haven.
Spot bullion ended the London afternoon fixing at $312.10 a troy ounce, its lowest since May 20, as both the dollar and the stock markets reversed the downward slide that had prompted a flight to gold by investors last week.
An orchestrated move by central banks to sell the Japanese yen to support the dollar on Friday sparked selling of gold in New York that continued in Asia at the start of the trading week.
"The sell-off was fund-led and was effectively triggered by international official intervention against the yen and euro," said Rhona O'Connell at the World Gold Council.
Never trade against the men in black postscript
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