Metals – Market Recap – July 27,2009

Commitment of Traders as of July 24,2009

Bloomberg (Reported 7.27.09):

“July 27 (Bloomberg) -- Gold climbed in Asia, trading near the highest in six weeks, as gains in regional equities and oil helped to boost demand for the precious metal.

Bullion gained as much as 0.5 percent as the MSCI Asia Pacific Index of equities climbed for a 10th day to its longest winning streak since 2004 on confidence a rebound in regional economies will boost earnings. Crude oil advanced to a three- week high on expectations the equity gains are a precursor to a recovery in the global economy.” Gold Advances to Near Six-Week High as Equities, Oil Advance


Reuters (Reported 7.27.09):

“TOKYO, July 27 (Reuters) - Gold rose on Monday as the dollar stayed weaker, underpinning investors' demand for bullion as a hedge against the U.S. currency. The dollar hovered near recent lows against the euro, weighed down by a recovery in risk appetite as stock markets in the region added to their recent gains.” PRECIOUS-Gold up on weak dlr, ETF holdings steady

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 7.24.09):

“Gold opened at 950.50/951.50 in New York. It was lightly bid as the session began reaching its intraday high of 954.00/955.00 on the back of rallying oil prices. However, this move was reversed as oil prices retreated, dragging gold to its intraday low of 950.25/951.25. It ticked higher from its lows on thin trading as the market went quiet for the remainder of the session, finally settling at 952.75/953.75.” Full Report