Gold has lost its mojo of late despite continued turmoil in financial markets. Since popping above $1000 six trading sessions ago, the yellow metal has been in a consolidation, slipping as low as $931.50 today.
The rest of the commodities spectrum is falling today as well, as one would expect given the deepening global recession and slide in stocks. The CRB is is down more than 5% and sits at recent lows at 200 as we write. A break of that level will likely help take the dollar firmer as this would be an unambiguous sign of increased risk aversion and economic bearishness.
