Metals – Market Recap – Oct 8,2009

Bloomberg (Reported 10.8.09):
“Oct. 8 (Bloomberg) -- Gold gained to a record for a third day in London and New York as demand increased on a weakening dollar and concern that inflation will accelerate.

Bullion will probably top $2,000 an ounce in the next decade, according to investor Jim Rogers. The U.S. Dollar Index, a six-currency gauge of the greenback’s value, slipped to a two- week low as signs of a global economic recovery boosted demand for higher-yielding assets. The measure has shed 6.5 percent this year as bullion heads for a ninth annual gain. Silver and palladium rose to the highest prices in more than a year.” Gold Rises to Record for Third Day on Dollar, Inflation Outlook

Reuters (Reported 10.8.09):
“TOKYO, Oct 8 (Reuters) - Spot gold topped $1,050 per ounce to mark a record high for the third session in a row on Thursday as the dollar's continued struggle made the precious metal more attractive to investors.
Bullion has gained about 20 percent this year, helped by the dollar's weakness and inflation worries after central banks and governments across the globe poured money into the financial system to help stimulate the economy.” RPT-PRECIOUS-Spot gold hits record above $1,050

Wall Street Journal (Reported 10.8.09):
“Gold prices extended their record gains as speculative and investment buying continued for a second day, drawn to the metal mostly due to weakness in the dollar.

Nearby but lightly traded October gold settled $4.70 higher, or 0.5%, to a closing record of $1,043.30 a troy ounce on the Comex division of the New York Mercantile Exchange. It hit a spot-month record of $1,048.20.” Gold Extends Record: $1,043.30