China Concern at U.S. Printing Dollars on a Massive Scale

Commodities / Gold & Silver 2009
Jun 25, 2009 - 06:58 AM
By: GoldCore

Gold - Gold is trading at $933.50 and remains subdued overall. Near term resistance and support are currently $944 and $913 respectively. Direction may be poised to come from EUR/USD moves and the EUR/USD is maintaining equilibrium despite a positive world economic outlook from the OECD. This positive news is paired against continuing geo-political risk and negative USD comments overnight from a senior Chinese official.



The Head of the Economics Department of the ruling Communist Party research office said that “The US is printing dollars on a massive scale, and in view of that trend, according to the laws of economics, there is no doubt that the dollar will fall. So gold should be a better choiceâ€