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Economists incorrectly claim high oil cause inflation Original Source Link: (May no longer be active)    http://www.forbes.com/markets/feeds/afx/2007/07/11/afx3903048.html http://www.forbes.com/markets/feeds/afx/2007/07/11/afx3903048.html AFX News Limited Metals - Gold steady as dollar continues weaker 07.11.07, 11:00 AM ET LONDON (Thomson Financial) - Gold was steady in early afternoon trade, supported by weakness in the US dollar against the major currencies. Stronger oil prices, an early sign of rising inflation, against which gold is typically seen as a hedge, are also underpinning the precious metal, analysts said. 'The latest gains in gold have been achieved largely on the dollar's ills,' noted Kitco Bullion Dealers analyst Jon Nadler. At 2.33 pm, spot gold was quoted at 662.90 usd per ounce, up from 662.70 usd seen in late New York trade yesterday. Earlier the metal rose as high as 665.85 usd, its strongest level in almost five weeks, as the US currency languished at all-time lows against the euro. The dollar also posted fresh declines against sterling this morning as worries over the health of the US economy resurfaced. News that Moody's (nyse: MCO - news - people ) and Standard and Poor's have threatened to put mortgage bonds and collateralised debt obligations (CDOs) backed by sub-prime mortgages on the watch list for a downgrade, and a profit warning issued by US retailer Home Depot (nyse: HD - news - people ) yesterday, have reawakened fears over the US housing market. 'If the concerns about the sub-prime and CDO market intensify as seems likely following Moody's announcement overnight, then the dollar may fall further, lifting gold higher still,' noted Robin Bhar, an analyst at UBS (nyse: UBS - news - people ). Continued strength in crude oil prices, which remain close to all-time highs, is also supporting the precious metal, analysts said. But the market remains focused on the dollar, the continued weakness of which is likely to benefit gold. If there is a recovery, this week's gains could roll back, but overall analysts expect further gains before fresh resistance is hit. 'Gold has now hurdled its main resistance level at the 100-day moving average and has gained around 4 pct since a low at 638.90 usd on June 27,' said analysts at RBC Capital Markets. 'Given the current speculative positioning in the New York and Chicago gold futures markets -- gross long positions are at their lowest since October 2006 -- some analysts are predicting there could be at least another 25 usd in this latest rally attempt.' 'That would take gold back up to within distance of the psychological 700 usd level,' they added. Also lending support to prices was news from South Africa that the National Union of Mineworkers, which represents nearly 120,000 workers, and UASA had formally rejected a new offer from the Chamber of Mines for a 7 pct wage increase. Members of the union have threatened to strike if their wage demands are not met. '(In) an environment where investor positions are relatively subdued and there are whiffs of risk aversion and dollar weakness around, headlines about strike action in what remains the largest producing gold nation could provide another supportive factor for gold,' said Robin Bhar. Among other precious metals, platinum rose to 1,303 usd per ounce against 1,297 usd in late New York trade yesterday, while its sister metal palladium was steady at 365.70 against 366 usd. Silver was relatively flat at 12.87 usd per ounce against 12.88 usd. jan.harvey@thomson.com har/cm2 COPYRIGHT Copyright AFX News Limited 2007. All rights reserved.

10yr note less appealing as rates are cut { January 2008 } 1875 western loan shark operation Arab central banks move assets out of dollar to euro { March 14 2006 } Asia will diversify without dumping dollars { February 23 2005 } Asian banks dump dollar { February 22 2004 } Asian debt withdrawal threat to us deficit { September 7 2003 } Asian unpegging crucify us { October 3 2003 } Australia expects inflation { April 28 2004 } Bill clinton blasts dependence on asian currency Bmw bets on rebound for falling us dollar { March 18 2004 } Bonds plunge as US debt loses its appeal { June 12 2007 } Britain recolonization of america Buffet bets 21 billion against the dollar Buffet warns us deluging the world with dollars Bush bid weaken dollar against asia { September 24 2003 } Bush renominates greenspan for fifth term { May 18 2004 } Bush urges china on market based currency { October 2005 } Bush wants dollar drop against china currency { May 2008 } Bush weak dollar policy receiving praise Bush welcomes devalued dollar { November 8 2004 } Central banks reduce dollar holdings Central banks shift funds away from the US { January 24 2005 } Cheaper dollar scares foriegn investors { November 14 2004 } China continues to over value the dollar { April 2007 } China rumored selling dollars causing fall { November 7 2004 } China threatens to crash dollar { July 2007 } Citibank held pinochet accounts { March 16 2005 } Currency dissent Dollar decline after slow in rate hikes { December 2006 } Dollar depends on foreign investments { June 2007 } Dollar falls after europe urges asia to strengthen currency Dollar falls against euro betting on rate cuts { February 2008 } Dollar falls against yen and euro { February 2007 } Dollar falls further against euro { June 2007 } Dollar falls market ponders china surpise interest hike Dollar falls to record on china plans to diversity Dollar hits all time low versus euro { June 2007 } Dollar hits new low against euro { August 2007 } Dollar new low against euro nov 17 2004 Dollar record low as oil record high { October 29 2007 } Dollar rises six days before election Dollar sinks as fed cuts rates { August 2007 } Dollar under fire from all sides Dollar value climbs against euro { October 2005 } Dollars rises betting no more rate cuts { March 2008 } Dumping of dollar could trigger economic september 11 { August 29 2005 } Economists incorrectly claim high oil cause inflation Egyptian pound falls after unpegged from dollar { January 30 2004 } Exchange rates by short run currency trading { February 2005 } Fall dollar for trade imbalances Father of euro calls for global currency Fed raises interest on inflation risk Financial firms are less risk for IRS audits { April 11 2005 } Foreigners nervous about their dollar assets { October 16 2007 } G7 urge more flexibility currency Germany warns bush over dollar weakness { February 26 2004 } Gold falls to 5 week low on interest rate concerns Gold up as dollar weakens { June 2007 } Greenspan caters to inflation hawks Greenspan lets dollar slide raises gold Greenspan not worried from weakened dollar Greenspan replacement says print infinite money { October 25 2005 } Greenspan warns deficits pose risk to dollar { November 19 2004 } Growing fears of credit boom bursting { March 13 2005 } Imf advice Zimbabwe cause inflation { April 16 2004 } Inflation caused by printing too much money Inflation up when oil prices down { July 18 2007 } International buying of US assets increase { June 2007 } Investor says avoid dollar at all costs { June 30 2008 } Iran asks japan to stop paying using US dollar { June 2007 } Japan intervenes in dollar by weaken japanese currency Japan selling yen possibility causes yen fall Japan soaking up huge selling to strengthen dollar { March 8 2004 } Japan threatens to diverse central bank holdings Korean central bank will diversify reserves { April 6 2001 } Kuwait currency allowed to rise against dollar { May 11 2006 } Latin america incorporating US dollar { October 12 2007 } Long term rates stay low despite short term rates { September 20 2005 } Low interest trade deficit causes devaluing dollar Low value encourages investment outflows { January 5 2004 } Markets forcing fed to cut rates { September 2007 } No attempts to boost falling dollar Oil price strike puts inflation back on agenda { May 7 2004 } Oil soared as dollar fell { May 2008 } Overseas investors buy aggresively in US { January 20 2008 } Retail sales is two thirds of US economic Russia banks on europe not US Russia may switch to euro for currency stability South america plans single currency Strange dollar effect on the market Trade deficit swells to record 43bn { March 11 2004 } Trade gap narrows United nation pushing world currency US ballooning trade imbalances threatens world stability { April 7 2005 } US banks likely to fail over bad loans { May 29 2008 } Us issues color 20 bill { October 9 2003 } Us trade deficit threatens world economy { January 7 2004 } Us treasury may name currency manipulators { October 29 2003 } Venezuela dumps dollar reserves for euros { September 30 2005 } Warren buffett sees nowhere but down for dollar Weak dollar will help says greenspan White house says china is not manipulating money World bank board approves wolfowitz as next president { March 31 2005 } Yen sell off currency lower value Files Listed: 104

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