Morning Gold Fix – September 27, 2010
FMX | Connect – www.fmxconnect.com - (Reported 9/27/2010)
The following is a summary of yesterday’s US gold activity and a recap of Asia & European markets overnight. It includes our proprietary options analytics and news stories from industry professionals.
Summary
December Gold settled at $1298.10 per 100 troy ounces on Friday, a net gain of of $1.80 for the day.
December gold was up $2.50 to $1300.60 per 100 troy ounces as of 7:40 AM EST, this morning. The December U.S. dollar index was down .099 to 79.50. October platinum was down $2.80 to $1637 per 50 troy ounces. December silver was up 17.6 cents to $21.575.
Gold Options Report
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Morning Commentary
Today’s trading activity will be dominated by options expiries. Gold prices are likely be pinned near the 1300 strike because of the large open interest there. For a more extensive snapshot of the pin risk please refer to the tables below.
| | | | | | |
| Gold (OG) Open Interest by Proximity | | Gold (OG) Interest by Size (C+P) | |
| 9/27/10 | | | | 9/27/2010 | |
| Calls | Strike | Puts | | Strike | Open Interest |
| 1349 | 1270 | 887 | | 1200 | 9,828 |
| 2109 | 1275 | 313 | | 1250 | 8,803 |
| 3198 | 1280 | 2154 | | 1300 | 7,199 |
| 1483 | 1285 | 352 | | 1350 | 3,026 |
| 1251 | 1290 | 217 | | | |
| 703 | 1295 | 65 | | | |
| 6773 | 1300 | 426 | | | |
| 475 | 1305 | 38 | | | |
| 1506 | 1310 | 30 | | | |
| 281 | 1315 | 0 | | | |
| 1 | 2737 | 1 | | | |
| 764 | 1325 | 2 | | | |
| 1550 | 1330 | 11 | | | |
| Futures @ 1300 | | | |
Editor’s note: Some of the earlier volumes were erroneous due to a clerical error. The volumes are now for October exclusively.
-Elizabeth Thawne
Bloomberg (Reported 9/27/2010)
“Gold rose to a record in London and silver climbed to a 30-year high as prospects for declining currency values may boost demand for precious metals.
The euro fell against 15 of 16 counterparts ahead of this week’s disclosure of Ireland’s costs to bail out Anglo Irish Bank Corp. and speculation other European banks lack adequate capital. Central banks and the International Monetary Fund sold the least gold since an agreement began in 1999, according to data from the World Gold Council.” Gold Rises to Record on Currency Prospects; Silver Climbs to 30-Year High
Reuters (Reported 9/27/2010)
“Gold powered to hit a record high at $1,300 an ounce as investors poured money into bullion on fears of looming inflationary pressures as well as worries about the health of the global economy.
Silver, often considered the poor man's gold, rose to a 30-year high as investors chased a cheaper alternative. The metal has gained nearly 30 percent this year, catching up with gold.” Gold hits record at $1,300; silver at 30-year high
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