[/caption]Gold was trading higher today. The price at 7:30pm was $1,360.02. That is an increase of 1.74% or $23.22 for the day.
Now, that the most ridiculous IPO has been gobbled up by market, business can continue as usual. Dumb money has been milked to the tune of $20 billion and paid the tab for GM. During the next few days and weeks we should see gold getting back in rally mode, while the stock market will most likely behave as usual after a large IPO.
You can read the article "GM's IPO: A Warning Sign for Tradersfrom" by Jason Goepfert, which gives a pretty good insight in what might lay ahead in regards to the stock market.
The dollar, as you might have expected showed his weakness again. The fact that the highs of the gold price continue to be higher and the lows continue to be lower, shows that we are still in a bull market for gold.
The underlying factors have not changed, just the "lying" factors have changed.
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