Posted on 19 August 2011 by VRS | Email |Print
Gold prices struck record highs on Friday, as skittish investors rushed for the safety of the bullion amid fears of a worsening U.S. economy and lingering euro zone debt crisis sent.
Spot gold XAU= struck a record of $1,836.46 an ounce, and was trading up 0.7 percent at $1,836.20 by 0100 GMT. It was headed for a 5-percent weekly rise. U.S. gold GCcv1 also climbed to an all-time high at $1,839.8, before trading up about a percent at $1,839.5……………………………………….Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
Gold could hit $1,900 an ounce in the next six months, driven by buyers seeking an investment safe from global economic problems, but a further rise to $2,000 looks unlikely, metals consultancy GFMS said on Thursday.
“Gold will be muddling through to peak at $1,900 (an ounce) as U.S. data points have been ambiguous, the action on the fiscal and monetary front is also ambiguous,” said Paul Walker, global head of precious metals at GFMS, which has been acquired by Thomson Reuters……………………………………….Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
Gold settled at a fresh nominal high today — $1822 an ounce (Dec contract) — as global uncertainty continued to prompt nervous investors to seek shelter in the yellow metal. (The real all-time high for gold occurred in 1980, when it hit $825.50 an ounce, or the equivalent of about $2,300 in today’s dollars).
We sure have come a long way from the days when I was trading gold options on the floor of the Commodities Exchange of New York (COMEX)–gold was trading in the low $300’s!………………………………………Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
The price of gold jumped above $1,800 today. It’s not hard to imagine $2,000 by the end of the year. Meanwhile, Wells Fargo, among others, is warning of a ‘bubble’ in gold. Is there a bubble in the gold market?
The average person is still ‘out to lunch.’ He has no idea what is happening. Desperate for cash, he sells gold in order to load up on paper!………………………………………Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
Gold has been in an uptrend for over a decade now. Last week, gold climbed above $1800 per ounce before consolidating. Although gold seems to break a new nominal high every other day, the gold critics have been consistently wrong about gold being in a bubble.
In fact, Geroge Soros called gold in late 2010 the “ultimate bubble.” Many investors may be wondering where the next catalyst for higher gold prices will come from (besides more money printing)……………………………………….Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
Marc Faber is to financial-market optimists what the Grinch is to Christmas. The Hong Kong-based investment manager and publisher of “The Gloom Boom & Doom Report” doesn’t often like what he sees, and nowadays he finds even less to like about the world’s economic situation than he did in 2008 — as if that wasn’t bad enough.
In an interview with MarketWatch’s Jonathan Burton, Faber outlines five places where investors should put – and pull out – their money. Namely: avoid Treasurys and cash, selectively buy stocks, stick with emerging markets, and load up on gold……………………………………….Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
India and China propped up global gold demand to near-record level of $44.5 billion in the second quarter of the calendar year 2011 in an otherwise tepid market, but the precious metal is poised for a huge leg-up in the current quarter through September due to a fresh surge in investors’ interest in haven assets following a financial crisis in major economies, according to the World Gold Council.
Global gold demand rose 5% in value in the quarter through June from a year before, although consumption suffered a 17% dip in volume to 919.8 tonne during the period due to high prices of the precious metal, the Council said in a report on Thursday……………………………………….Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
The World Gold Council has just released its Gold Demand Trends for the second quarter of 2011. According to the report, global consumers bought 919.8 metric tons of gold in the second quarter, a decrease of 17 percent compared to the same period in 2010, and a decline of about 5 percent from the first quarter.
The report indicates there may be changes in the way gold is being bought……………………………………….Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
Gold demand fell in the second quarter but is still expected to rise in the full year as Asian buyers add to holdings and interest in the metal as a haven is stoked by worries over U.S. and euro zone debt, the World Gold Council said on Thursday.
In its quarterly Gold Demand Trends report, the WGC said signs of strength in the market remain concentrated in India and China, with buying of coins, bars, jewellery and gold-backed funds all declining in Europe and the United States……………………………………….Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
Oil closed down 6 percent on Thursday, tumbling with other commodities that reflect investors’ risk appetite as renewed economic fears triggered the biggest losses since the Aug. 5 U.S. credit downgrade.
Snapping three days of relative calm, global stock markets tumbled as weak indicators for U.S. regional factory activity and business combined with fresh fears over the health of euro zone banks……………………………………….Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
Commodities that were sold off by speculators on futures exchanges are still finding buyers who need raw materials to make phones, cars and washing machines.
JPMorgan Chase & Co.’s commodities traders are seeing “physical support” after prices fell, JPMorgan analyst David Butler wrote in a report today. The Standard & Poor’s GSCI index of 24 commodities has dropped 15 percent since April as speculators reduced their bets on rising prices by a third on mounting concern a weakening economy will slow demand……………………………………….Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
Commodity markets lost more than $16 billion in value during last week’s selloff, Reuters reported. Equity and commodity markets plunged as growing anxiety over the global economic outlook spurred a flight to safe-haven bonds.
The drop in prices wiped out $16 billion in value, mainly due to oil prices dropping 6 percent and investors losing $7.3 billion on paper, the report said……………………………………….Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
The Organization of Petroleum Exporting Countries, a notoriously conservative organization, has stated that Venezuela has world’s largest oil reserves, even exceeding those of OPEC’s top producer, Saudi Arabia. Oil production in Venezuela is under the control of the state-owned Petróleos de Venezuela, S.A. company, or PDVSA.
Petroleum Intelligence Weekly lists PDVSA as the world’s fourth largest oil company, due to its proven reserves, production, refining and sales, MercoPress news agency reported……………………………………….Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
The Organization of Petroleum Exporting Countries will trim shipments by 0.5 percent this month as U.S. demand declines while refiners perform seasonal maintenance, according to tanker-tracker Oil Movements.
Exports will drop to 22.63 million barrels a day in the four weeks to Sept. 3, the Halifax, England-based researcher said today in a report. That compares with 22.75 million barrels in the month to Aug. 6. The data excludes Ecuador and Angola. Sailings from the Persian Gulf to the U.S. and Europe are below year-earlier levels for the first time this year, according to the company……………………………………….Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
The National Stock Exchange of India is likely to have until the end of September to reduce its stake in the country’s second-biggest commodity bourse following a recently introduced rule, two senior government officials said Thursday.
The National Stock Exchange owns 11.1% of the National Commodity and Derivatives Exchange, or NCDEX, but it has to cut its share-holding, because of a rule introduced in July 2010 that prohibits an exchange from owning more than 5% of another……………………………………….Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
Germany’s RTS Realtime Systems Group is planning to open a data center in Mumbai in a partnership with India’s Tata Communications to cater for the financial services market. It also acquired First Futures Software Engineering (FFS), a technology solutions provider based out of Pune, India, this week.
The new Mumbai data center will be built to offer hosting services for firms trading on multiple Indian Exchanges, including the Multi Commodity Exchange of India (MCX), the National Commodity and Derivatives Exchange (NCDEX) and the National Stock Exchange of India (NSE)……………………………………….Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
The pound Australian dollar exchange rate is 0.919% higher on the day with 1 GBP = 1.5792 AUD. At the start of August the GBP AUD was at 1.483. Things are unlikely to get better for the Australian dollar in the short term.
The reason? Investors are looking to stay away from the so-called commodity currencies; of which the Australian dollar is classed. The global economic outlook has soured as of late due to events in Europe and the US……………………………………….Full Article: Source
Posted on 19 August 2011 by VRS | Email |Print
A rising yuan may not massively boost China’s commodity imports as demand from the developed world crumbles, leaving raw materials from oil to copper vulnerable to more shocks.
While a stronger yuan increases the buying power of the world’s top commodity importer, China’s domestic demand will not be enough to compel Beijing to aggressively snap up commodities when key markets like the United States and Europe are facing economic uncertainty……………………………………….Full Article: Source
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