ECB completes its last rate hike – US Dollar bullish and Gold making long term tops
Fred Day
Jul. 3, 2008

The Gold, Silver and Platinum markets are ready to fall apart. The European central Bank raised its rates for the last time. The Euro fell apart instead of ju7mping on rate differential news.

The US Dollar looks bullish and precious metals bearish for the first time after almost six years.

European Central Bank President Jean-Claude Trichet signaled that he may not increase interest rates again.

The 15-nation euro also dropped against the pound and the yen as Trichet said he has ``no bias'''' or ``pre-commitment'''' following the decision to raise the ECB's main refinancing rate by a quarter-percentage point to 4.25 percent.

``Trichet clearly sounded more dovish,'''' said Emanuele Ravano, managing director and co-head of European strategy in London at Pacific Investment Management Co., which manages the world's biggest bond fund. ``That is a big change in stance by the ECB. We might have hit a point where the euro doesn''t have a lot to stand on.''''

Momentum, sentiment and analytic patterns are all bearish for the precious and industrial metals.

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