UpInArms
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Wed Oct-19-05 08:50 AM
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42. Gold futures drop to their lowest level in two weeks |
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http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38644.4040696296-846661261&siteID=mktw&scid=0&doctype=806&SAN FRANCISCO (MarketWatch) -- December gold fell Wednesday morning to trade at a two-week low of $467 an ounce in New York. The contract was last at $468, down $6.60, or 1.4%. December silver also lost 12 cents to stand at $7.715 an ounce and December copper fell 1.85 cents to $1.807 a pound. "Gold is being pressured by overblown concerns about the historically high level of long fund/short commercials positions on the Comex," said Peter Grandich, editor of the Grandich Letter. "Any significant selling should be contained in the $460-$465 area and the surprise is likely to be a quick reversal to the upside."
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