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Grandich injects 'gold cartel' into CBSMarketWatch report

Section: Daily Dispatches

Gold Rallies on Weak Dollar, Mideast Fighting

By Polya Lesova
Thursday, July 27, 2006

NEW YORK -- Gold futures extended their prior-session gains on Thursday, strengthened by the falling dollar and dimmed hopes of near-term peace between Israel and Lebanon. Gold for August delivery was last trading up $11.90 at $633.80 an ounce on the New York Mercantile Exchange.

"A failed shorting campaign by the gold cartel, the slow but continuing death march of the U.S. dollar lower, and numerous bullish geopolitical factors worldwide have all combined to give gold a major boost," said Peter Grandich, editor of The Grandich Letter.

Other metals prices also rose. Silver edged up 17 cents at $11.250 an ounce and platinum rose $5.60 at $1,240 an ounce. Palladium added $2.10 at $319.0 an ounce and copper edged up 3.55 cents at $3.485 a pound.