For most of the decade, gold has proved a lackluster investment, selling far below its glittering 1980 high of $850 an ounce. Last week, though, the market showed that it still had the stuff to stage an old-fashioned speculative rally. Trading volume in New York totaled 101,000 contracts. It was the third-biggest day in the market's history. Gold closed the week at $356.60, the highest level in 18 months.
The rally seemed a delayed reaction to the declining value of the dollar, down more than 20% since last February. Investors may also have bought...
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