Metals – Market Recap – July 22,2009
Commitment of Traders as of July 17,2009
Bloomberg (Reported 7.22.09):
“July 22 (Bloomberg) -- Gold, little changed in London today, may decline for a second day as a stronger dollar and lower oil prices curb demand for the metal as an alternative investment and hedge against faster inflation.
The dollar gained as much as 0.4 percent against the euro today. Gold, which reached a five-week high on July 20, tends to fall as the greenback climbs. Inflation pressures are limited, Federal Reserve Chairman Ben S. Bernanke said yesterday. Crude- oil futures dropped for the first time in six days.” Gold, Little Changed in London, May Fall on Dollar, Oil Prices
Wall Street Journal (Reported 7.22.09):
“JAKARTA – One Indonesian policeman was killed and seven other people were injured on Wednesday in two separate incidents on a road near a mine operated by Freeport McMoRan Copper & Gold Inc. in Indonesia's easternmost Papua province. The mine has been the site of a string of deadly ambushes over the past 11 days that police have blamed on Papuan separatists.” Violence Hits Indonesia's Freeport Mine
NS Futures (Reported 7.21.09):
“Let the US stock markets be your guide today…” Full Report
ScotiaMocatta (Reported 7.21.09):
“Gold opened at 950.00/951.00 in New York. The metal ticked higher on the back of stronger oil prices and weaker USD, peaking at 953.50/954.50 shortly after the open. However this move was reversed as the USD gathered momentum and oil prices fell, causing the metal to tumble to its intraday low of 944.50/945.50. Light buying pushed the metal marginally higher as the session came to a close, finally settling at 946.25/947.25.” Full Report
Reuters (Reported 7.21.09):
“TOKYO (Reuters) - Gold prices steadied near $950 on Tuesday after hitting a six-week high the day before, with the dollar continuing to drive bullion as its drop and better U.S. corporate earnings raised the metal's appeal as an inflation hedge.
Rising oil prices, a rally in stock markets and a weak dollar have encouraged investors to take more risks, buying high-yielding currencies and commodities including gold.” Gold hovers near $950 as dollar eyed, ETF unchanged