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Commodity ETFs Slip on the Dollar 's Rebound

By Don Dion

About this article:
Natural gas, oil and gold are heading lower this morning as the U.S. dollar rebounded overnight vs. the euro and yen. Yesterday's sharp move in commodities may lead to profit-taking this morning, but the dollar has see-sawed every day this week, and it may weaken later in the day. Early this morning, Nymex crude futures are down close to 2% and natural gas futures are off by more than 2%. Gold is falling sharply, down $22 an ounce, or about 2.3%. Gold has been weak all week and didn't join in the energy and industrial metals rally. The U.S. Natural Gas Fund clearly has the interest of investors, and in pre-market trading it is down more than 4%. Natural gas is the hottest and safest play in the near term, due to its relative valuation vs. oil. If the dollar weakens, it should deliver the...

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