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Gold Inches Lower

Gene222 Wrote: Oct 17, 2012 3:22 PM
There are 14 5/8 or 5/9 Troy ounces in one pound Avoirdupois, and 12 Troy ounces in one pound Troy. One pound Avoirdupois weighs 454 grams and one pound Troy weighs 373 grams. If that doesn't drive you nuts, throw on a few grains and pennyweights. You need to know this kind of stuff if you ever want to calculate the extra weight taken on by X - number of outlaws in a cowboy movie when they have just lifted Y - number of thousands of dollars in payroll gold from a stagecoach, figuring the historic value of $20 per Troy ounce.

Once again today we’re “up” on lower prices than yesterday. 

In early trading gold was up $4.05 to $1,739.70 and silver was up $0.13 to $32.80, with the silver/gold ratio creeping up to 53. 

What a strange trading pattern we see developing this week as European equity markets are flying on the news of progress on a bailout plan for Spain.  The news sent the euro on a run against the dollar, which usually has an immediate and positive impact on gold prices, but not lately. 

Gold prices have moved stubbornly lower, often in...