Gold's previous forays over the $1,000 an ounce mark didn't last long, but this time the yellow metal has been more resilient. It hit $1,020 last week, helped by miner Barrick Gold's decision to close out its short positions on gold.
Barrick had hedged against a drop in prices by selling gold short, which was fine when prices were stable to falling but proved a "multibillion dollar (and growing) liability" as the bull market became entrenched, says Bill Fleckenstein on Moneycentral.msn.com.
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