Profit-taking pummels precious metals

Dec 29, 2004 | 11:07 AM | Julie Bresnick

Two consecutive days of positive U.S. economic data was not positive for precious metals, which fell on the back of more fund liquidation Wednesday.

"Funds are getting out at the end of the year so they can book their profits," gold analyst Leonard Kaplan said. "The dollar's high, but not by a whole lot."

Other analysts put more weight on the economic data.

Sales of previously owned homes in November increased 2.7 percent from the previous month, setting a new record and making 2004 the best year ever for housing, according to the National Association of Realtors. Sales had been expected to remain steady in November, but the seasonally adjusted annual rate of 6.94 million units was higher than the anticipated 6.75 million units.....

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