Metals – Market Recap – Oct 12,2009

Bloomberg (Reported 10.12.09):
“Oct. 12 (Bloomberg) -- Gold, little changed in London today, may decline as the dollar advanced against global currencies and some investors sold after the metal’s jump to a record last week.

The Dollar Index, a six-currency gauge of the greenback’s value, strengthened for a second day, as traders judged the measure’s drop to an almost 14-month low on Oct. 8 was overdone amid speculation the Federal Reserve will withdraw stimulus measures. Bullion reached an all-time high of $1,061.55 an ounce on Oct. 8 and has advanced 19 percent this year. ” Gold May Fall as Rally to Record, Stronger Dollar Spur Sales

Reuters (Reported 10.12.09):
“SINGAPORE, Oct 12 (Reuters) - Gold edged up near last week's record high on Monday but the dollar's rebound as well as worries about falling jewellery demand in main consumer India were seen likely to limit gains.
Gold gained nearly 5 percent last week as dollar weakness pushed gold to a series of record highs. Bullion, which attracts safe-haven buying in times of uncertainties, had its best weekly performance in nearly half a year.” PRECIOUS-Gold ticks higher near record, firm dollar weighs

Wall Street Journal (Reported 10.12.09):
“Shares of Zhongjin Gold, Shandong Gold-Mining, Jiangxi Copper, Yunnan Copper, Aluminum Corp. of China and Tongling Nonferrous Metals Group all jumped by their daily 10% limit during the session. In Hong Kong, shares of Aluminum Corp. of China rose 0.2% and Jiangxi Copper fell 1.2%.

Spot gold was recently down $9.60 from New York levels to $1,045.30 after a string of recent gains. UBS analyst Jo Battershill noted that prices at current levels did not look sustainable due to poor fundamentals and flagging demand for jewelry, which comprise 60%-70% of demand for the metal.” Resources Lead; China Surges

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Metals – Market Recap – Oct 9,2009

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Bloomberg (Reported 10.9.09):
“Oct. 9 (Bloomberg) -- Gold dropped in London for the first time this week, paring its biggest weekly advance since April, as a stronger dollar cut demand and some investors sold the metal to lock in gains from its climb to a record.

The U.S. Dollar Index rose as much as 0.5 percent after Federal Reserve Chairman Ben S. Bernanke said the central bank is ready to “tighten” monetary policy. Still, gold is up 4.3 percent this week, headed for its biggest weekly gain since April 24, and the dollar index, which measures the greenback against six currencies, is down 0.9 percent. ” Gold Pares Weekly Gain as Rally, Stronger Dollar Spur Sales

Reuters (Reported 10.9.09):
“BEIJING/SHANGHAI (Reuters) - Gold might be a luxury most can live without when times are hard, but for cautious investors in China, the world's top producer and consumer of bullion, it has become a matter of necessity.

Jewelry sales might take a hit in China after prices hit a record high of $1,043.45 an ounce on Tuesday, but amid ongoing economic uncertainty, many in the financial community still prefer bullion to bonds, analysts said in comments made before the record was struck.” China's gold investors undeterred by high prices

Wall Street Journal (Reported 10.9.09):
“What was once one of the surest bets in energy markets has rapidly turned into a money-losing trade.

Banks, refiners and oil-trading companies early in 2009 socked away large quantities of oil, including as much as 100 million barrels onto tankers at sea. The global economic downturn had cut into oil demand and created a surplus, allowing anyone willing and able to store the extra crude to charge a premium.” Gold Prices Extend Record Gains

Metals – Market Recap – Oct 8,2009

Bloomberg (Reported 10.8.09):
“Oct. 8 (Bloomberg) -- Gold gained to a record for a third day in London and New York as demand increased on a weakening dollar and concern that inflation will accelerate.

Bullion will probably top $2,000 an ounce in the next decade, according to investor Jim Rogers. The U.S. Dollar Index, a six-currency gauge of the greenback’s value, slipped to a two- week low as signs of a global economic recovery boosted demand for higher-yielding assets. The measure has shed 6.5 percent this year as bullion heads for a ninth annual gain. Silver and palladium rose to the highest prices in more than a year.” Gold Rises to Record for Third Day on Dollar, Inflation Outlook

Reuters (Reported 10.8.09):
“TOKYO, Oct 8 (Reuters) - Spot gold topped $1,050 per ounce to mark a record high for the third session in a row on Thursday as the dollar's continued struggle made the precious metal more attractive to investors.
Bullion has gained about 20 percent this year, helped by the dollar's weakness and inflation worries after central banks and governments across the globe poured money into the financial system to help stimulate the economy.” RPT-PRECIOUS-Spot gold hits record above $1,050

Wall Street Journal (Reported 10.8.09):
“Gold prices extended their record gains as speculative and investment buying continued for a second day, drawn to the metal mostly due to weakness in the dollar.

Nearby but lightly traded October gold settled $4.70 higher, or 0.5%, to a closing record of $1,043.30 a troy ounce on the Comex division of the New York Mercantile Exchange. It hit a spot-month record of $1,048.20.” Gold Extends Record: $1,043.30

Metals – Market Recap – Oct 7,2009

Bloomberg (Reported 10.7.09):
“Oct. 7 (Bloomberg) -- Gold’s rally to a record shows commodity investors remain concerned that the U.S. economic recovery will spur inflation even as Wall Street forecasts and government bonds suggest stable prices.

Bullion has jumped 19 percent this year, heading for a ninth annual gain, after futures touched a record $1,045 an ounce yesterday and extended gains today amid rising demand for a hedge against inflation and a weaker dollar. Economists surveyed in the past month expect U.S. consumer prices to fall 0.5 percent this year, the first drop in five decades. ” Gold Rise to Record Shows Investors Split With Banks (Update1)

Reuters (Reported 10.7.09):
“LONDON (Reuters) - Gold hit another record high on Wednesday as the dollar slipped and global stocks rose for the third day running, erasing their losses in October.

Investors continued their scramble for yield, lifting the Australian dollar to 14-month highs on the prospects for higher interest rates after Tuesday's tightening.” Gold at new highs, world equities gain

NS Futures (Reported 10.6.09):
“Expectations of a sustained slide in the dollar give the bulls control…”
”With a fresh new high for the move overnight and the market seemingly poised to reach up toward the highest level since the early 2008 peak, it would seem like the bull camp has initial control….” Full Report

Metals – Market Recap – Oct 6,2009

Bloomberg (Reported 10.6.09):
“Oct. 6 (Bloomberg) -- Gold advanced to an 18-month high in New York and London as a tumbling dollar spurred demand for the precious metal as an alternative investment.

The dollar fell as much as 0.7 percent against the euro after Australia unexpectedly raised interest rates and Britain’s Independent newspaper said Arab states held talks on replacing the dollar in oil trades. Saudi Arabia’s central bank and a Kuwaiti minister said there weren’t any negotiations. Gold, trading near a record, tends to gain when the dollar weakens.” Gold Advances to 18-Month High as Weaker Dollar Spurs Demand


Reuters (Reported 10.6.09):
“TOKYO (Reuters) - Gold rose toward $1,020 on Tuesday as the dollar fell against the euro and crude oil maintained its strength, although some resistance emerged around that level.

Purchases of bullion were picking up in India, a top consumer of the precious metal, providing support for the market. Buying traditionally typically increases in India during Diwali, the Hindu festival of lights.” Gold inches up towards $1,020 on weak dollar

NS Futures (Reported 10.6.09):
“Expectations of a sustained slide in the dollar give the bulls control…”
”With a fresh new high for the move overnight and the market seemingly poised to reach up toward the highest level since the early 2008 peak, it would seem like the bull camp has initial control….” Full Report

Metals – Market Recap – Oct 5,2009

Bloomberg (Reported 10.5.09):
“Oct. 5 (Bloomberg) -- Gold, little changed in London today, may rise for a second day as a weaker dollar boosts demand for the precious metal as an alternative investment.

The dollar fell as much as 0.5 percent against the euro after Group of Seven finance chiefs refrained from calling for measures to stop the U.S. currency’s decline. The metal, which has gained in six of the past seven weeks, tends to rise when the dollar weakens.” Gold May Advance for Second Day as Weaker Dollar Stokes Demand

Reuters (Reported 10.5.09):
“TOKYO (Reuters) - Gold stayed above $1,000 an ounce on Monday as the dollar remained pressured after last week's jobs data pushed the currency down broadly on concerns the U.S. economic recovery may not be as robust as previously thought.

Traders remained wary of a sudden liquidation of speculative long positions in U.S. gold futures even after such positions eased slightly from record highs in the week ended September 29, putting a cap on prices.” Gold stays above $1,000 on softer dollar, ETF rises

NS Futures (Reported 10.5.09):
“After being oversold last week a temporary correction is expected…”
”While the gold market has consistently focused on the ebb and flow of the US Dollar recently, it was clear that the slack US Non Farm payroll report at the end of last week served to undermine gold prices….” Full Report