The dollar was up against the euro, yen and British pound today, the tiger uncaged continuing its late-summer rampage.

That sent just about everything but equities down, although the NASDAQ was off a bit today.

After yesterday's dramatic price retreat yesterday and a plunge to 1216 in intraday trading today, gold has recovered and is posting a very modest gain today in the late afternoon.

Short covering, bargain hunting and opportunism are at work. Many traders sensed gold had fallen too far, too fast. But the fundamentals are in place for further declines once we get past this small rise.

Traditionally, low interest rates mean a weak dollar and higher interest rates a stronger dollar. Traditionally also, by now inflation should be ringing its bell, beating its drum and howling like a banshee.

But, even with interest rates as low as the Fed will push them, the U.S. dollar is relentlessly pushing up and up. This, of course, has the effect of pushing gold down.

Yesterday and today there was a lot of nibbling around the edges in gold and silver.

Investors and traders are waiting for the outcome of the FOMC meeting, which will be issued tomorrow. Regardless of speculation one way or another concerning interest rate increases, why would gold be affected?

Today gold rose modestly, slowly and steadily, early in the day before settling back, holding on to a roughly $5.00 gain into afternoon trading.

You don't tug on superman's cape...
- Jim Croce, from "You Don't Mess Around With Jim"

Or should we say, "don't fight the feelin'?" There are a lot of ways to look at what now looks like the inevitability in gold's falling prices.

Briefly, let us remember those who died thirteen years ago today in New York, at the Pentagon, and in the skies over Pennsylvania. Let us remember their families, who have suffered the loss as well.
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Let the hair pulling commence.

Gold seemed to rise and fall as if on big rolling seas today. After regular-hours trading, it appeared that gold would end more or less unchanged.

That was not to be. As the late afternoon session wore on, gold took a significant, though not catastrophic drive that was partially, though not wholly, exacerbated by dollar strength.

It seems all markets took a breather today.

Those that were up were up only a little. Those that were down, only were down a touch.

Sooner or later the dollar had to run out of steam. The best move was in the euro, which gained about 0.37% on the day. The yen and G.B. pound were virtually unchanged.

Danger and delight grow on one stalk.
        - Scottish Proverb

Scotland is about to vote for disunion with the United Kingdom. While it is (forgive the pun) a royal pain for the rest of the kingdom, the Scots are in for a rough ride. There will be a hundred questions to be resolved before anything of note can be accomplished.