The dollar adds to the general environment we've seen in the past few weeks, which is a short-term correction.
More Quotes from Michael Widmer:
I would be surprised to see a massive increase in prices, but a slow creep up towards just below 570 would be on the cards this week.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
It's the old story again gold is being bought as a safe haven asset.
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We may need another 200 million the year following and 200 million after that. Clearly, we have to phase in health care reform.
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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.
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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
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