Gold Futures Lower

According to Gregory Weldon, Morning Metals Monitor, New York: February gold futures were down $1.40 to $276.50 after Monday's rally on Israeli attacks on PLO sites, and fear Lebanon and/or Syria are next in line. The Washington Post reports intelligence officials are worried bin Laden has a Dirty Bomb. Gold was supported by news Japan's Mizuho Holdings bank dumping assets. Plus, soft European Consumer Confidence will force ECB to ease monetary policy again, should support the euro, and the euro/yen breakout should support gold.

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