Metals – Market Recap – July 30,2009
Commitment of Traders as of July 24,2009
Bloomberg (Reported 7.30.09):
”July 30 (Bloomberg) -- Gold rose in London after two straight drops as higher equities signaled increased willingness to take on risk, weighing on the dollar.
The Dollar Index, a gauge of the currency’s value against six counterparts, fell as much as 0.6 percent after adding 1.3 percent in the prior two sessions, when gold dropped 2.5 percent. Bullion and the greenback tend to move inversely. The MSCI World Index of shares advanced as much as 0.6 percent after two retreats in a row. ” Gold Rises in London as Equities Advance, Weighing on Dollar
Reuters (Reported 7.30.09):
“TOKYO, July 30 (Reuters) - Gold prices steadied on Thursday, holding above a two-week low hit the previous day, as investors watched the dollar and stocks to gauge risk appetite. Gold is 3 percent below the six-week high hit on Monday, as U.S. durable goods orders data dampened optimism about an economic recovery and prompted investors to trim risky assets including commodities and to buy the dollar as a safe haven. ” RPT-PRECIOUS-Gold steadies as dollar, stocks eyed; ETF falls
NS Futures (Reported 7.29.09):
“Higher dollar, soft US numbers & weak equities gives the bears control…”
”While the gold market shouldn’t be surprised by the World Gold Council Central Bank gold sales report that was released overnight, the mere mention of the central bank gold sales issue typically cheers the bear camp…” Full Report
ScotiaMocatta (Reported 7.29.09):
“Gold opened at 935.25/936.25 in New York. The metal climbed briefly as the session began, reaching an intraday high of 938.25/939.25. This move quickly reversed as the dollar went on the offensive and the metal quickly retreated. Oil inventories far surpassed expectations causing it to tumble and gold followed, slipping to a low of 925.25/926.25. It became bid near its lows and made back lost ground to finally settle at 926.50/927.50.
Silver opened at 1363.00/1366.00 and rallied on the back of investor demand, peaking at 1369.00/1372.00. However slumping base metals along with a stronger USD inspired heavy selling. The metal remained well offered as oil prices fell, tumbling to an intraday low of 1317.00/1320.00. Silver recovered marginally during the early afternoon and traded quietly within a range as the session unwound, finally closing at 1327.00/1330.00.” Full Report