Metals – Market Recap – Sep 23,2009

Bloomberg (Reported 9.23.09):
“Sept. 23 (Bloomberg) -- Gold advanced as a weakness in the dollar bolstered the precious metal’s appeal as an alternative investment.

The dollar declined to a one-year low against the euro on speculation Federal Reserve policy makers will signal today they will keep interest rates low. The U.S. currency fell against 13 of 16 major counterparts on concern that Group of 20 leaders, meeting in Pittsburgh starting tomorrow, will call for a reduction in global trade imbalances that may cause further gains in other currencies.” Gold Gains as Dollar Decline to One-Year Low Increases Appeal

Reuters (Reported 9.23.09):
“SINGAPORE (Reuters) - Gold extended gains on Wednesday, moving closer to an 18-month high struck last week, after the U.S. dollar tumbled to its weakest in a year against the euro, but worries about heavy liquidation persisted.

The rise has stoked fears of a repeat of last year's selling, when bullion lost more than $100 only a few days after it powered to a record $1,030.80 an ounce in March. Gold has gone up as much as 16 percent this year.” Gold near 18-month high on dollar, stokes sell-off fear

NS Futures (Reported 9.22.09):

“The correction is over and the next wave higher is underway…” Full Report