Metals – Market Recap – July 23,2009

Commitment of Traders as of July 17,2009

Bloomberg (Reported 7.23.09):

“July 23 (Bloomberg) -- Gold rose to the highest in almost six weeks on London as a weaker dollar increased demand for the metal as an alternative investment.

The dollar lost as much as 0.3 percent against the euro today, near a seven-week low. Gold, which today reached its highest price since June 12, tends to move inversely to the U.S. currency. Global equities gained for a ninth day.” Gold Climbs to Six-Week High in London Trade on Dollar Weakness


Reuters (Reported 7.23.09):

“TOKYO (Reuters) - Gold steadied above $950 per ounce on Thursday as the dollar stayed near a seven-week low against a basket of currencies marked the previous day, maintaining bullion's allure as an alternative asset.” Gold steadies above $950/oz, ETF holdings dip

NS Futures (Reported 7.22.09):

“A downside bias is expected to unfold in the coming trading sessions…”
”While the press is reporting a decline in gold production from a major gold miner overnight, one might have expected some classic fundamental support for gold prices this morning. However, the gold market recently hasn’t paid that much attention to classic fundamental information…”  Full Report

ScotiaMocatta (Reported 7.22.09):

“Gold opened at 946.00/947.00 and ticked lower to its intraday low of 944.25/945.25 following the USD rally and weaker oil prices. The metal rebounded from its lows as the USD reversed and energy prices rebounded, bringing the metal to its intraday high of 954.50/955.50. As the session unwound, moderate profit taking dragged it from its highs to finally settle at 953.00/954.00.” Full Report