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RE: Anyone investing in Silver? - 11/16/2009 7:22:46 PM
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prophet
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Joined: 4/19/2005
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NEW YORK (Dow Jones)--Rising risk appetite and a weakening U.S. dollar boosted gold futures to record highs Monday, extending gains amid continued concern about inflation stemming from accommodative central bank monetary policy.
Although gold put in strong gains, the other New York-traded precious metals--silver, platinum and palladium, which are more heavily used in industry than gold--advanced more in percentage terms on the weaker greenback combined with economic and automotive news.
"The move higher continues," said Frank Lesh, broker and futures analyst with FuturePath Trading. "You've got good support, and that should continue, with the dollar looking like it may possibly hit new lows this week."
Most-active December gold rose $22.50, or more than 2%, to settle at $1,139.20 an ounce on the Comex division of the New York Mercantile exchange. It extended the Comex most-active record to $1,144.20 in afterhours electronic trading. Thinly traded nearby November gold gained $22.50 to settle at $1,138.60 a front-month record.
Shortly after gold closed, the ICE Futures U.S. Dollar Index was down 0.198 point at 74.947 point. The 75-point area has proven to be pivotal for gold recently, with buying ratcheting up in the metal when the index dips below that level.
Central banks around the world won't easily be able to pull back the vast amount of liquidity they've pumped into their respective economies, and as such, inflation remains a "real concern," said Rob Kurzatkowski, futures analyst with optionsXpress.
That should mean continued support for gold, often used as an inflation and dollar hedge and more broadly seen as an alternative currency. So far this year, the Dollar Index has lost around 8%. Meanwhile, December gold has risen about 28%.
"At this point, I don't know anything that could stop the gold rally, other than investors being nervous to buy it at these high levels," Kurzatkowski said.
As investors flee the dollar, they are moving into higher yielding currencies, hard assets like gold and other commodities as well as equities. Gains in U.S. equities Monday, with the Dow Jones Industrial Average up 144.73 points at 10,415.20 points shortly after gold closed, were contributing to the dollar's weakness.
After the euro rallied overnight on Japanese economic data, the currency swooned briefly Monday following Fed chairman Ben Bernanke's comments.
http://online.wsj.com/article/BT-CO-20091116-713479.html
_____________________________
Create in me a Clean Heart, O Lord.
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RE: Anyone investing in Silver? - 11/22/2009 10:13:46 PM
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prophet
Posts: 689
Joined: 4/19/2005
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http://www.reuters.com/article/globalMarketsNews/idUSTRE5A80MQ20091123
Gold strikes record on inflation, economic worries
By Lewa Pardomuan
SINGAPORE (Reuters) - Gold defied a rebound in the dollar on Monday and powered to a record on safe-haven buying, driven by growing worries about inflation and a drop in U.S. stocks that stirred doubt about the economic outlook.
Bullion, which has gained around 32 percent so far in 2009, struck a succession of lifetime highs in November as sentiment turned extremely bullish after India acquired 200 metric tons of the precious metal from the International Monetary Fund.
Gold was quoted at $1,161.25 an ounce by 0202 GMT (9:02 p.m. EST), up $13.05 an ounce from New York's notional close on Friday. It hit another record at $1,161.80 in a thin trade also driven by technical buying after bullion surpassed previous record.
"We're in unchartered territory. It's going to move fairly freely. Momentum becomes quite a big driver of prices. You could see the hint of safe haven buying returning," said Mark Pervan, ANZ's senior commodities analyst.
"There is increasing expectation that the market could deleverage risk toward the end of the year. There's a view that we could see some selling in equity markets, that lowering a risk would also benefit gold prices."
U.S. gold futures for December delivery added $14.4 an ounce to $1,161.20 on the COMEX division of the New York Mercantile Exchange, having struck a record at $1,162.50.
The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings stood at 1,117.493 metric tons as of Nov 20, unchanged from the previous business day. Trading was thin in Asia, with Japanese speculators away for a holiday.
_____________________________
Create in me a Clean Heart, O Lord.
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