Metals – Market Recap – July 20,2009

Commitment of Traders as of July 17,2009

Bloomberg (Reported 7.20.09):

“July 20 (Bloomberg) -- Gold climbed to a five-week high in London as a weaker dollar and higher oil boosted the metal’s appeal as an alternative investment and hedge against inflation. Platinum had its longest advance since September 2007.

The U.S. Dollar Index, which measures the currency’s value against six monies, fell as much as 0.7 percent to a six-week low on speculation European and U.S. reports this week will show the global recession is easing, sapping demand for the greenback as a refuge. Oil climbed to the highest in almost two weeks.” Gold Climbs to Five-Week High in London on Weaker Dollar, Oil

Reuters (Reported 7.20.09):

“PRECIOUS-Gold extends gains on oil, dollar, platinum up” UK Stocks -- Factors to watch on July 20

NS Futures (Reported 7.17.09):

“Unless bank earnings provide a distinct lift, the bears look to control…”
”The bull camp in gold might suggest that classic fundamental news overnight gives them an initial edge today.…”  Full Report

ScotiaMocatta (Reported 7.17.09):

“Gold opened at 932.50/933.50 in New York and dipped briefly to its intraday low of 931.25/932.25 early in the session. Gold's downward move was quickly reversed as oil and base metal prices rallied, triggering short covering, eventually taking it to a high of 939.25/940.25. The metal was well supported near 937.00 and continued to trade range bound for the remainder of the session, finally settling at 937.75/938.75.” Full Report