Metals – Market Recap – Oct 9,2009
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Bloomberg (Reported 10.9.09):
“Oct. 9 (Bloomberg) -- Gold dropped in London for the first time this week, paring its biggest weekly advance since April, as a stronger dollar cut demand and some investors sold the metal to lock in gains from its climb to a record.
The U.S. Dollar Index rose as much as 0.5 percent after Federal Reserve Chairman Ben S. Bernanke said the central bank is ready to “tighten” monetary policy. Still, gold is up 4.3 percent this week, headed for its biggest weekly gain since April 24, and the dollar index, which measures the greenback against six currencies, is down 0.9 percent. ” Gold Pares Weekly Gain as Rally, Stronger Dollar Spur Sales
Reuters (Reported 10.9.09):
“BEIJING/SHANGHAI (Reuters) - Gold might be a luxury most can live without when times are hard, but for cautious investors in China, the world's top producer and consumer of bullion, it has become a matter of necessity.
Jewelry sales might take a hit in China after prices hit a record high of $1,043.45 an ounce on Tuesday, but amid ongoing economic uncertainty, many in the financial community still prefer bullion to bonds, analysts said in comments made before the record was struck.” China's gold investors undeterred by high prices
Wall Street Journal (Reported 10.9.09):
“What was once one of the surest bets in energy markets has rapidly turned into a money-losing trade.
Banks, refiners and oil-trading companies early in 2009 socked away large quantities of oil, including as much as 100 million barrels onto tankers at sea. The global economic downturn had cut into oil demand and created a surplus, allowing anyone willing and able to store the extra crude to charge a premium.” Gold Prices Extend Record Gains