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Gold drops when euro weakens Original Source Link: (May no longer be active)    http://www.bloomberg.com/apps/news?pid=10000081&sid=aX41XUi5MljY&refer=australia http://www.bloomberg.com/apps/news?pid=10000081&sid=aX41XUi5MljY&refer=australia Gold Prices Decline in New York as Euro Weakens Against Dollar May 26 (Bloomberg) -- Gold prices fell in New York for the first day in three as the euro weakened to a seven-month low against the dollar, eroding the appeal of precious metals as an alternative to U.S. assets. An opinion poll showed increasing French opposition to the European Union constitution before a referendum on May 29. A Merrill Lynch & Co. survey published May 17 showed 71 percent of European fund managers predict a defeat would weaken the euro. Gold has dropped 4.7 percent this year as the 25-nation euro shed 7.7 percent. ``I'm looking for gold to go lower because the euro just gave everything up,'' said Tony Roggina, a trader at VIT Trading Inc. in New York. ``The dollar is making a nice comeback, and that's going to put pressure on gold.'' Gold futures for June delivery fell 90 cents, or 0.2 percent, to $418 an ounce on the Comex division of the New York Mercantile Exchange. The price is little changed this week. A futures contract is an obligation to sell or buy a commodity at a set price by a specific date. The poll by TNS-Sofres for Le Monde, RTL and LCI television said opposition rose 1 percentage point to 54 percent. Nicolas Sarkozy, head of President Jacques Chirac's UMP party, told Prime Minister Jean-Pierre Raffarin the campaign is lost, the Times of London reported today. A spokesman for Sarkozy denied the story. The EU constitution, intended to streamline decision-making following the union's expansion to 25 members from 15 last year, would create a permanent president and foreign minister and increase the role of the European Parliament. `Weaken the Euro' ``The French are expected to vote down the constitution, so that's going to weaken the euro and put pressure on gold initially,'' said Dennis Eich, a trader at Chicago-based brokerage Peregrine Financial Group Inc. ``When that's over with, gold's ready for a rebound.'' Gold has moved almost in lockstep with the euro's performance against the dollar in the past three months at a correlation coefficient of 0.93. The maximum reading is 1. The coefficient measures the degree in which the two variables move in unison. Prices that declined in the previous three weeks to a three- month low, are attracting jewelers, Eich said. ``Now is when jewelers come into the market and accumulate for Christmas,'' he said. Gold refineries in Switzerland are processing 1.5 million ounces of the metal a week, a record, said Ian MacDonald, managing director of precious metals trading in New York at International Assets Holding Corp. The metal is being refined into gold bars and sent to buyers in the Middle East and India, he said. ``That's where the demand is,'' MacDonald said. India, which buys a quarter of the world's gold, likes to ``buy on good setbacks,'' Eich said. Jewelry makers in 2004 accounted for 68 percent of world demand, according to figures from London-based consultant GFMS Ltd. Last Updated: May 26, 2005 13:59 EDT

Berlusconi says euro strangling economy Blair destroy euro support { May 10 2003 } Blair push euro referendum { May 16 2003 } Brussels considers imposing currency controls Capt.1052747314.euro_rally_fra109 [jpg] Central banks buying euros instead of dollars { February 2007 } Central banks may buy euro over dollar Cocaine found most euro notes Death 12 nationstates [jpg] Death 12 nationstates { January 2 2002 } Death12 nation states [jpg] Dollar below euro Dollar hits lows vs euro and pound { June 2007 } Dollar loses on euro on ecb rate hike { March 2 2006 } Ecb declines to act on relentless euro { January 9 2004 } ECB hikes rates to 5yr high { March 8 2007 } Ecb limit sales of gold reserves { March 8 2004 } Ecb looks to inflation data { March 7 2004 } Eu bank pressures asia currency rise against dollar { July 5 2003 } EU says bush tax cut endangers world { February 23 2003 } Euro ad [jpg] Euro displaces dollar as preferred bond currency { January 14 2007 } Euro drops because closed US markets dont crash { December 2008 } Euro drops to lowest on french treaty rejection Euro facing major test { September 24 2003 } Euro fresh highs { May 9 2003 } Euro gains after euro pres suggests interest hikes { November 21 2005 } Euro governance { May 23 2001 } Euro hits high Euro is launched { January 2 2002 } Euro world reserves gain on dollar reserves { December 30 2007 } Europe concerns over euro rise Europe unlikely to win agreement halting euro surge France calls on eu to improve ties with china France defies eu rules France in vigilance plea on falling dollar { November 27 2006 } France is top overseas investor in 2005 { June 28 2006 } France questioned by eu partners France wants more currency than eu allows French german leaders agree to bce independence Gold and euro stay coupled says rothschild { June 8 2005 } Gold drops when euro weakens Italy minister says euro should be dropped Lack of control fiscal policy { January 2 2002 } Must support euro { April 22 2003 } Never single currency { May 23 2001 } New all time high against dollar Poll decide euro future { January 5 2002 } Russia may switch foreign exchange reserves into euros { November 23 2004 } Russia pricing oil sales in euros Sweden barely rejects euro { September 14 2003 } Sweden euro poll clash after lindhs death { September 10 2003 } Threatens euro bank { January 5 2003 } Time for europe to defend itself Uk not ready for euro { May 15 2003 } UN report says eu japan will pass US economy { August 2007 } US dollar makes gains on euro Files Listed: 57

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