Gold futures tumble more than 3% as dollar rallies

[Mugu]

Other metals also fall sharply; platinum futures plunge 5%
By Polya Lesova, MarketWatch

Gold for June delivery tumbled $33.70, or 3.6%, to close at $887.80 an ounce on the New York Mercantile Exchange. The precious metal earlier fell to a low of $876.30. ther metals futures were also sharply lower, with platinum selling off 5.2%.

The Reuters-Jefferies CRB index, a benchmark barometer gauging the prices of major commodities, fell 0.3% to 385.58.
"Everything from cotton to copper and soybeans to silver is off sharply," said Jon Nadler, senior analyst at Kitco Bullion Dealers.

"The ever-weakening dollar had prompted many a fund to pile money into the sector since September last year, pushing values of some commodities well beyond fundamentals."

"But now, as the dollar is staging somewhat of a comeback, even if a temporary one, the niche is being drained of money quite fast," Nadler said.


Complete article at:
http://www.marketwatch.com/news/story/metals-stocks-gold-futures-tumble/story.aspx?guid=%7B1314ECA5-4DD1-4F6A-B741-A556B80F1787%7D&dist=hplatest

[Taverner]

1. Faux news saved us!!!!

:sarcasm:

[Earth_First]

2. SELL! SELL! SELL!

BUY! BUY! BUY!

[tjwash]

3. WOO-HOO!!! The surge is working!

Oh wait...oil is still costing an arm and a leg.

Never mind.

[RainDog]

4. dollar rising? as of when?

I've been checking the value of the dollar against the euro every day for the last week b/c I sent traveler's checks from my kids to covert to $. The dollar has gone up every day, including today.