Bush victory pushing gold prices higher in 2005

Sharp depreciation of the dollar will push gold higher.

President Bush's re-election will advance Washington's unilateralist foreign policy. Spreading US military intervention in the Middle East and Asia ensures the fiscal deficit will continue to increase. Advancing oil prices will fuel higher inflation, weaker economic growth and a larger current account deficit. When combined, these factors will cause a sharp depreciation of the dollar, pushing the price of gold higher next year.

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