Weekly Market Recap 10/23/09

ScotiaMocatta, the precious metals division of the Bank of Nova Scotia, said on Thursday that gold prices could rise to a high of $1,400 an ounce in 2010 as investors turn to the metal as a store of wealth, as reported to Reuters. The unemployment rate has been increasing at an alarming rate, yet the [...]

Copper at 13-month high; data points to recovery

Copper climbed to a new one-year high on Friday as upbeat data in the United States and Europe renewed prospects for economic recovery and metals demand. Zinc touched $2 297,50, its highest point since May 2008, having gained nearly 17 percent this month, more than any other LME traded metal. Zinc premiums are set to [...]

Gold Bullion Investment

It’s becoming painfully evident to more and more investors that resisting an economic trend is like trying to sweep back the ocean with a broom, and these investors are liquidating their paper assets in stocks and bonds, and converting that wealth into a gold bullion investment. You may notice that fewer and fewer so-called “economic [...]

Weakening dollar and global recovery have increased demand for gold

The World Gold Council’s latest Gold Investment Digest, which covers activity to the end of Q3, noted gold demand rising on continuing dollar weakness and signs of a strogner global economy. Read more….

US Hyperinflation?

The Daily Reckoning The finance ministers of the Eurozone met yesterday and they’ve tried to stem the euro’s (EUR) rise… But they’ll need more than words to get the job done! And so we begin a new day… Front and center this morning, the currencies – which had given background overnight to the dollar – [...]

Copper hits 13-month peak on dollar, recovery views

Copper rallied to its highest level in more than a year on Tuesday, boosted by a weak US dollar, bargain hunting by investors and upbeat prospects for economic recovery. Benchmark copper on the London Metal Exchange traded at $6 485/t at 14:15 GMT from $6 465 at the close on Monday. The metal used in [...]

Gold Supported by Oil at Yearly High; USD Near Record Lows

Mark O’Byrne submits: Gold Gold is currently trading at $1,055.60/oz. With oil reaching a new high for the year above $79 a barrel, and the Federal Reserve signaling interest rates will stay near record lows for the foreseeable future, the beleaguered greenback fell to a 14-month low on the dollar index. The poor jobs number [...]

Expert: Gold being traded as a currency due to recession

Gold is currently being traded as a currency as a result of the realisation that economic recovery will not be v-shaped, it has been suggested. Speaking to Australian paper the Sunday Times, Ashley Kelly of Bell Potter Securities said that the world’s investors have seen that it is unlikely the US will immediately bounce back [...]

Weak demand means Tokyo Steel will cut prices

Japan’s biggest construction steel maker’s announcement could point to the recovery in steel demand losing momentum. Read more….

Gold Bullion

The record-setting gold trading days of the last two weeks have given all of us a working example of gold bullion’s short-term benefits, and although there has been substantial profit taking, other investors have diversified into a stronger, long-term position in rare coin. The gold spot price is currently receded to the $1058 level, and [...]

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