Gold futures briefly rose above $900 an ounce an all-time high before pulling back Friday as growing worries of a U.S. recession prompted uneasy investors to keep buying the precious metal, with the stock market still gripping with fear from the subprime mess and US FED chairman say will act "decisively" + "timely" and promises to cut rates in futures. One question is the fed really getting to the bottom of subprime or just a time wasting technique.. With billion already written down are we going to see worse of it to come? One thing is clear the FED is only concern about inflation and avoiding recession balancing the economy and not solving subprime... it can only be solved by banks and all financial brokerage involved(but no they keep coming out more writedowns)*. Ok to sum up let's see more data coming out next weak to see if there are more weakness to come...
*This are my analysis and not supposed to be used as guidelines. Maybe i am wrong so dont follow the above to trade.
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