Gold and the U.S. Dollar

The big story today is the U.S. dollar. It's getting creamed, and that means gold prices and gold stocks are higher.

As you might expect, we're seeing some gold stocks make the Top Gainers list today. Keegan Resources (AMEX:KGN) was up 18%, Vista Gold (AMEX:VGZ) jumped 20% and some warrants for Goldcorp (NYSE:GG-WT) were 15% higher.

Gold has been making headlines over the last couple of weeks as it has pushed to $1,000 an ounce. Today, it broke that resistance line and gold futures for October finished at $1,038, trading intra-day as high as $1,043.80. 

There are a couple of catalysts moving the dollar lower and gold higher. The first is the Australian central bank's interest rate hike. The hike was only of the quarter-point variety, but Australia is the first G-20 nation to actually test its assessment that the global economy is recovering by raising rates...

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