Greece is down. The Euro is down. The dollar is up. And yet GOLD is *UP*. So much for the Dollar-Gold negative correlation, eh?
May 20, 2011, 12:56 p.m. EDT
Euro falls 1% on Greece rating, Spanish elections
The euro is down 4.5% for the month
By Deborah Levine and William L. Watts, MarketWatch
NEW YORK (MarketWatch) — The dollar extended gains against the euro Friday after Fitch Ratings downgraded Greece and warned that any attempt to extend the maturities of Greek sovereign debt would be considered a default.
Before the downgrade, the euro was already pressured by worries that weekend elections in Spain may call into question the country’s willingness to deal with its debt burden. Read more about Spanish elections.
The euro fell to $1.4192 from $1.4308 in North American trading late Thursday. It sank as far as $1.4136, down more than 1%.
The dollar index, which measures the U.S. unit against a basket of six major currencies, rose to 75.515 from 75.106 late Thursday.
Article continues: http://www.marketwatch.com/story/dollar-edges-up-vs-yen-after-bank-of-japan-2011-05-20
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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