It's the old story again gold is being bought as a safe haven asset.
More Quotes from Michael Widmer:
The outlook for the exchange rate will not improve significantly going forward. If the Iran situation doesn't improve, then you should have further upward pressure on gold prices.Michael Widmer
The dollar adds to the general environment we've seen in the past few weeks, which is a short-term correction.
Michael Widmer
Over the last two days, it's been geopolitical happenings that have supported gold prices. That China and Russia are supporting Iran's referral means the international community is taking it seriously.
Michael Widmer
It's good news but it's not really news.
Michael Widmer
Downward pressure on the US dollar is the main reason behind gold's rally. If you have worries about the imbalance, you would want to hold gold.
Michael Widmer
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