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GOLD
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Nostradamus
Supreme |
19-Oct-2006 23:46
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Gold rallied just over 2% to $600.30/oz for the first time in 2-1/2 weeks after oil prices jumped when Saudi Arabia said it would support an OPEC production cut. U.S. oil futures climbed back above US$58 a barrel. OPEC ministers are scheduled to begin meeting in Qatar at 1700 GMT to formalise a cut in output for the first time in more than two years. Saudi Arabian oil minister Ali al-Naimi, OPEC's most influential voice, said he supported the 1 million barrel cut and the group could reduce output even further at its next meeting in Nigeria on Dec. 14. |
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chipchip66
Master |
14-Oct-2006 19:16
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i just checked wuth my broker, we cannot use CPF funds to buy this yellow currency! |
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Nostradamus
Supreme |
14-Oct-2006 13:13
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December gold settled US$12.40 higher at US$592.70 a troy ounce on the New York Mercantile Exchange. "There is some new money coming into the market from funds that have been sitting on the sidelines in Europe," said George Gero, vice president with RBC Capital Markets Global Futures. "And there has been a tremendous amount of buying coming out of India and Dubai. It looks to me like the jewelry trade." "You are seeing a resumption of some investment-fund interest in the market," said Jim Quinn, commodities floor analyst with AG Edwards. Dave Meger, senior metals analyst with Alaron Trading, also pointed to the uptick in crude and chart-based factors as the main catalysts propelling gold higher. "With energy higher, you see a little more commodity fund buying," he said. "We had a nice technical breakout." December gold peaked at US$594.20, the strongest level since Oct 3. |
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Nostradamus
Supreme |
12-Oct-2006 00:10
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Spot gold Worries that North Korea would conduct a second nuclear test kept nerves on edge on Wednesday as Japan, facing Chinese and Russian reservations about the scope of U.N. sanctions, pressed for a stern response to Pyongyang. |
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Nostradamus
Supreme |
05-Oct-2006 23:18
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StreetTRACKS Gold Shares would be cross-listed in Singapore next week in a move to capitalise on Asia's growing fondness for bullion.It will be listed on Oct. 11 on the Singapore Exchange and would be Asia's first gold-based ETF. StreetTRACK is the World Gold Council's New York Stock Exchange-listed product, with an average daily volume of around US$400 million and assets in excess of US$7 billion. "The target audience that we have in mind are retail investors, institutional investors, not only in Singapore but regionally, as well as the very strong and thriving private banking sector that exists in Singapore," said Hon Cheung, managing director of State Street Global Advisors. State Street is the investment management arm of State Street Corp., a U.S.-based financial services company, and acts as a marketing agent for streetSTRACKS in Singapore. "We believe that that target audience are very relevant users of the gold product, and we do expect a significant interest from them going forward," he said. ETFs enable investors to trade securities on an exchange and give investors a return based on commodities prices, without the need to trade futures or to take physical delivery. StreetTRACKS was launched in 2004 and is designed to track the price of gold and trade like any common stock on the exchange. StreetTRACKS Gold Shares are backed by physical gold and denominated in U.S. dollars. Invetors can buy as little as one board lot of 10 shares, with each share priced approximately one-tenth of the spot price for an ounce of gold. Gold hit a 26-year high of US$730 in mid-May as investors diversified into precious metals on global security concerns, uncertainty about the dollar's outlook and rising energy costs. It has since suffered from profit taking as well as liquidation. Spot gold fell to around US$559. Gold reached an all-time closing high of US$850 an ounce in January 1980. |
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Nostradamus
Supreme |
05-Oct-2006 00:21
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Spot gold is imploding down to US$563.40 (-US$11.10) while rumors swirl about another hedge-fund melt-down. |
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Nostradamus
Supreme |
04-Oct-2006 23:25
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streetTRACKS Gold Shares, the World Gold Council's (WGC) NYSE-listed product, will be listed on SGX soon. WGC said streetTRACKS, which has emerged as the world's largest ETF, would be cross-listed on SGX but didn't give further details. |
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Nostradamus
Supreme |
27-Sep-2006 23:05
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Bullion has rebounded 5% since falling to a near three-month low of $571.20 on Sept. 15. |
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Nostradamus
Supreme |
27-Sep-2006 10:20
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Bullish news from ECB helped the yellow metal edge higher despite a stronger US dollar.
December gold contracts closed up US$597.10 an ounce on the Comex division of the New York Mercantile Exchange. The European Central Bank published new data showing it sold gold and receivables totaling 172 million euros, or about 12 tons, last week. A multilateral agreement limits sales by certain central banks to a maximum of 500 tons in the 12 months ended Sept. 26, and analysts estimate that they fell short of that allowance by about 100 tons. "To miss by 20% of the total quota is a significant thing for the market," says Neal Ryan, director of economic research at the New Orleans-based coin dealer Blanchard. |
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Nostradamus
Supreme |
24-Sep-2006 21:34
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The Bank of Russia intends to increase the volume of gold metals in Russia's gold and foreign currency reserves, the Bank's First Deputy Chairman Alexei Ulyukayev told the State Duma budget committee on 21/9. The share of gold in the country's gold and foreign currency reserves is 3% at present. If the volume of gold metals increases, still its share will not raise, he noted. The metal prices are highly volatile at the moment, but the Central Bank has not imposed any limits on gold acquisition, he said. Russia's gold reserves exceed 380 tonnes. |
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Nostradamus
Supreme |
24-Sep-2006 21:30
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Gold futures was buoyed by strong physical demand from overseas and recent weakness in the US$.
A phenomenon as welcome as the warm monsoons finally visited the gold market overnight: the buyer of gold jewelry in India. Local shoppers commenced spending on wedding-related presents, prompted not only by the calendar, but certainly by the recent sharp correction in bullion values. The seasonal demand may prove to be just the tonic to stabilize gold prices.
Asian buying may well counterbalance the gold tonnage that is or could still be coming out of various central bank vaults prior to September's end.
European central banks' gold sales rose to 34 metric tons in the last week. That would leave around 135 metric tons left until the ceiling is hit under an international sales agreement.
The 2006 gold sales and lending quota was set at 500 metric tons for the year ending Sept. 27, according to a report earlier this week from U.S. Global Investors. The quota was set by the Washington Accord, a handshake-pact among certain central banks that places limits on each year's sales of gold from sovereign vaults.
Elsewhere, the US$ slid to fresh two-week lows against most major currencies, continuing its downward trend after an unexpectedly weak manufacturing report raised concerns that interest rates in the U.S. have peaked and may even decrease soon. |
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Nostradamus
Supreme |
24-Sep-2006 21:19
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A new source of gold. This may depress the price over the long term. But short term, should be up because of festivals in China and India and Russian Central Bank increasing gold reserves. After a 2,000-year lapse, Egypt is looking to again acquire a gold-mining industry by revisiting ancient deposits of the precious mineral that symbolised the glory of the Pharaohs. "We already have proven resources of 6.7m ounces of gold in there which at the current rate of around US$600 dollars amounts to around US$4b," Sukari Hill said. The young Australian entrepreneur can hardly hide the excitement of being on the brink of pioneering the first gold-mining operation of note in Egypt since the Ptolemaic era. Another junior Australian mining company, Gippsland Ltd., is also drilling in the Eastern desert. So why has the pharaohs' gold not attracted the giants of the mining sector so far? "The main obstacle is the country's mining laws ... We've been drilling for years and spent US$30m with no returns," Josef explains. "Not many companies are ready to take risks." But the reform-minded liberal team that took over Egypt's economic portfolios two years ago is laying the foundations for a new legal framework. "Egypt isn't even on the list of possible mining countries yet ... The reason for it all is the policy framework," said Frank Sader, chief strategist at the Middle and North Africa headquarters of the International Finance Corporation, the private sector arm of the World Bank. The profit-sharing system would deter any major foreign company, he explains. Under the current law, half of Centamin's profits would go straight into government coffers. "We are going to help the petroleum ministry to work with lawmakers and switch to a royalties system," said Sader. The joint project is due to start in October and yield a new mining code within a year. "Then we'll hold a conference to tell investors why it's worth looking into Egypt and see if we can kick-start the industry," he added. Centamin Egypt plans to set up a US$200m processing plant next year with the aim of starting production in early 2008. With a 10-year head start, the Australian-Egyptian company will have little competition to worry about in the early stages, leaving Josef's uncle Esmat time to focus on other aspects of the project. "Sukari is already one of the largest mines in Africa, it compares to the largest ones in Canada, South Africa and Australia," says Josef al-Raghy. "It's going to be massive." |
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Nostradamus
Supreme |
21-Sep-2006 18:40
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Gold steadied after falling overnight as a dollar weakness and a rise in oil prices encouraged investors and bargain hunters to buy on price dips. Dealers noted physical demand from jewellers but huge trading losses at hedge fund Amaranth Advisors raised fears of more fund selling in the commodities markets. "We have been seeing very strong physical demand both from our own clients and also from the professional market as well and that's ... supportive for gold," said John Reade, precious metals analyst at UBS Investment Bank. "I am not ruling out a retest of the recent lows but I am beginning to think that we may have seen the worst of this. A lot would depend on what happens to the dollar." Gold tumbled to its lowest in nearly three months at US$571.20 on Friday on fund selling -- a drop of more than US$150 since the metal spiked to a 26-year high of US$730 in mid-May. It got support from the dollar, which fell after the Federal Reserve left interest rates on hold for the second straight policy meeting and suggested inflation risks were moderating. Gold often moves in the opposite direction of the dollar and is generally seen as a hedge against inflation. "The metal is not out of the woods yet, though, particularly with the threat of further Amaranth position liquidation within the energy sector," James Moore of TheBullionDesk.com said. Amaranth Advisors LLC, a Connecticut-based hedge fund that lost billions of dollars in natural gas trades in recent weeks, on Wednesday took steps to disband, forging agreements to sell its energy assets and holding talks to sell other parts of the business, people familiar with the situation said. "Sentiment has been affected by Amaranth. People are afraid of a spillover effect. The downside risk is there," said a metals dealer in Singapore. |
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billywows
Elite |
11-Aug-2006 00:21
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bsiong
Supreme |
10-Aug-2006 13:46
Yells: "The Greatest Wealth is Health" |
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See the green line "live"... ![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
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billywows
Elite |
10-Aug-2006 06:22
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Crude Lifts Gold  By Simon Constable TheStreet.com Staff Reporter 8/9/2006 3:08 PM EDT Gold was rallying again Wednesday as investors fled the U.S. dollar and oil prices climbed. December contracts for the yellow metal reached a high of $666.50 an ounce before retreating to close up $4.70 at $662 on the Comex division of the New York Mercantile Exchange (Nymex). Oil was gaining 79 cents, at $77.10 a barrel, on the Nymex. "Gold continues to work hard on all cylinders," says Peter Grandich, editor of the Grandich Letter and a well-known gold bug. "The main thrust is heightened geopolitical tension, but it will be the declining dollar that pushes the yellow metal's price to new highs." Gold prices typically move inversely to the strength of the U.S. dollar. In a choppy day of trading the greenback was losing ground against the euro ($1.2862 vs. 1.2848 a day earlier) but gaining slightly against the yen after earlier weakness (115.31 vs. 115.10 on Tuesday afternoon.) |
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billywows
Elite |
10-Aug-2006 06:02
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Gold closed up USD 662.00 today in US ..... price of other metals up too. This is bad for manufacturers as far as raw materials cost in concerned. Resulting in an eventual price hike of their finished products to consumers. Things are getting expensive these days. Sigh! |
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bsiong
Supreme |
10-Aug-2006 00:29
Yells: "The Greatest Wealth is Health" |
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Watch out, Gold is moving fast... inching UP. |
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bsiong
Supreme |
28-Jul-2006 22:37
Yells: "The Greatest Wealth is Health" |
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![Live New York Gold Chart [Kitco Inc.]](http://www.kitco.com/images/live/nygold.gif)
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bsiong
Supreme |
27-Jul-2006 15:32
Yells: "The Greatest Wealth is Health" |
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Surely I have, a 30+ years chart.... 
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