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Gold futures down more than $1, marking second day of declines

Posted June 4, 2008

Baltimore — (TFN): Gold futures dropped more than $1 an ounce Wednesday, marking a second day of declines.

Gold for July delivery fell $1.70 to close at $879.90 per ounce on the New York Mercantile Exchange. In intraday trading, gold traded as low as $876 an ounce.

Shares of gold-mining companies closed lower. Gold bugs blame a slightly stronger dollar sentiment for profit taking and are anticipating a sideways market trend throughout the summer months.

We’re going out on a limb here but we anticipate the recommendation of our friends and colleagues Bill Bonner and Peter Schiff to be “Buy Gold”.

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