Metals – Market Recap – July 15,2009

Commitment of Traders as of July 10,2009

Reuters (Reported 7.15.09):

“TOKYO (Reuters) - Gold held its gains from the previous day to hover above $925 on Wednesday, as firm stocks continued to provide support.

Bullion has recently lost some of its attraction to risk-averse investors seeking an inflation hedge, causing the metal to lose nearly $20 last week, hitting a two-month low.” Gold holds above $925, ETF slips

Bloomberg (Reported 7.15.09):

“July 15 (Bloomberg) -- Gold rose for a fifth day in London, heading for the longest streak of gains since May, as a weaker dollar and higher oil prices increased the metal’s appeal as an alternative investment and hedge against rising consumer prices.” Gold Gains in London as Weaker Dollar, Rising Oil Spur Demand

NS Futures (Reported 7.15.09):

“The short term trend looks to remain up but equity action is key…”
”While an accident at a Gold Fields mine in South Africa apparently closed some sections of that mine, the gold trade doesn’t seem to be that interested in minor supply side threats today……”  Full Report

ScotiaMocatta (Reported 7.14.09):

“Gold opened at 922.00/923.00. As the session began, mixed economic data (higher than expected PPI and lower than expected retail sales figures) caused the metal to quickly peak at 927.50/928.50. After the initial spike, the market went extremely quiet and the metal traded within a narrow range, establishing good support near 924.00. Weaker oil prices along with a rallying USD briefly drove the metal to an intraday low of 922.00/923.00. The metal rebounded from its lows and traded quietly to the end of the session, finally closing at 922.50/923.50.” Full Report