Metals – Market Recap – July 24,2009 – UPDATE 1

Commitment of Traders as of July 17,2009

Bloomberg (Reported 7.24.09):

“July 24 (Bloomberg) -- China may overtake India to become the world’s top gold consumer this year, the World Gold Council said, as the nation became the first of the major economies to rebound from the global recession.

Jewelry demand in China expanded in the first quarter while dropping in India, Marcus Grubb, a managing director at the London-based council, said today at a conference in Hong Kong. Chinese gold demand will keep rising, he said.” China May Overtake India in Gold Demand, Council Says

Reuters (Reported 7.24.09):

“TOKYO, July 24 (Reuters) - Gold prices inched up on Friday but were off a six-week high hit the previous day, with investors eyeing the dollar and stocks for direction as growing recovery hopes fuel inflation concerns and boost bullion's appeal as a hedge.” PRECIOUS-Gold inches up, but off 6-wk high; eyes stocks, dollar

NS Futures (Reported 7.24.09):

“Like the stock markets, gold & silver have an overbought feeling today…” 
“Once again the gold market saw news of increased gold production from the key gold miner, but the market also saw a rather significant increase in Russian gold output and that might be somewhat more difficult to discount…”  Full Report

ScotiaMocatta (Reported 7.23.09):

“Gold opened at 954.00/955.00 and quickly retreated as the USD gathered strength and oil prices dipped, causing it to slip to its intraday low of 947.75/948.75. Initial jobless claims were relatively benign and gold made back lost ground as equity markets rallied spurred by better than expected earnings, bringing it to its intraday high of 957.25/958.25. As the session unwound, it retreated from its highs on light profit taking, finally closing at 954.50/955.50.” Full Report