AI
Saturday, November 19, 2005 6:52:27 AM
Metals upstage oil By ROMA LUCIW
(Off with his head????)
"Copper prices have soared to records this week on market talk that China is being forced to buy large quantities of the metal to cover a position taken by a Chinese copper dealer in London. The scandal is centred around a Chinese government trader that is said to have sold-short roughly 200,000 tons of copper, betting its price is about to drop."
Friday, November 18, 2005 Posted at 3:45 PM EST
Globe and Mail Update
Metals continued to upstage oil in the commodity arena Friday with gold and copper prices building on their recent rallies.
Gold futures in New York touched their highest levels since December, 1987, amid fears of inflation, rising demand from jewellery makers, and speculation that central banks are buying the bullion to boost their reserves.
Gold futures for December delivery rose as high as $489.50 (U.S.) an ounce on the New York Mercantile Exchange, or Nymex, their highest in almost 18 years. They reversed course later in the day and closed down 70 cents at $486.30 an ounce. Gold prices have risen 11 per cent this year.
According to a Bloomberg, World Gold Council in London said investors and jewellers bought $12.5-billion worth of gold, or 838 metric tons, in the third quarter, up 7.6 per cent from a year earlier. It estimated that jewellery demand accounts for 73 per cent of gold consumption.
“If one is looking for a cover story for gold, the rapid acceleration in monetary growth is enough to send a shiver through the rate market and a titter amongst many a gold bug given the metals historical place as a repository for wealth and its preservation against inflation,” said Stewart Hall, a market strategist for HSBC Securities (Canada) Inc.
Although investors have historically bought the precious metal as a haven during times of economic uncertainty, gold's recent rise is taking place at a time of strength for both the dollar and euro.
“It is quite notable that bullion has been on a tear even as the U.S. dollar has strengthened,” economists at BMO Nesbitt Burns wrote in a note.
Copper prices have soared to records this week on market talk that China is being forced to buy large quantities of the metal to cover a position taken by a Chinese copper dealer in London. The scandal is centred around a Chinese government trader that is said to have sold-short roughly 200,000 tons of copper, betting its price is about to drop.
Copper futures for December delivery rose 3.2 cents to $1.978 a pound on the Comex division of the New York Mercantile Exchange Friday, after rising to a record $1.98 a pound.
Platinum futures climbed $3.70 to close at $986.10. The contract hit $1,000 on Thursday for the first time in more than 25 years.
Miss Universe Natalie Globova unveiled ‘Universe’s most precious armband’ yesterday.
(Off with his head????)
"Copper prices have soared to records this week on market talk that China is being forced to buy large quantities of the metal to cover a position taken by a Chinese copper dealer in London. The scandal is centred around a Chinese government trader that is said to have sold-short roughly 200,000 tons of copper, betting its price is about to drop."
Friday, November 18, 2005 Posted at 3:45 PM EST
Globe and Mail Update
Metals continued to upstage oil in the commodity arena Friday with gold and copper prices building on their recent rallies.
Gold futures in New York touched their highest levels since December, 1987, amid fears of inflation, rising demand from jewellery makers, and speculation that central banks are buying the bullion to boost their reserves.
Gold futures for December delivery rose as high as $489.50 (U.S.) an ounce on the New York Mercantile Exchange, or Nymex, their highest in almost 18 years. They reversed course later in the day and closed down 70 cents at $486.30 an ounce. Gold prices have risen 11 per cent this year.
According to a Bloomberg, World Gold Council in London said investors and jewellers bought $12.5-billion worth of gold, or 838 metric tons, in the third quarter, up 7.6 per cent from a year earlier. It estimated that jewellery demand accounts for 73 per cent of gold consumption.
“If one is looking for a cover story for gold, the rapid acceleration in monetary growth is enough to send a shiver through the rate market and a titter amongst many a gold bug given the metals historical place as a repository for wealth and its preservation against inflation,” said Stewart Hall, a market strategist for HSBC Securities (Canada) Inc.
Although investors have historically bought the precious metal as a haven during times of economic uncertainty, gold's recent rise is taking place at a time of strength for both the dollar and euro.
“It is quite notable that bullion has been on a tear even as the U.S. dollar has strengthened,” economists at BMO Nesbitt Burns wrote in a note.
Copper prices have soared to records this week on market talk that China is being forced to buy large quantities of the metal to cover a position taken by a Chinese copper dealer in London. The scandal is centred around a Chinese government trader that is said to have sold-short roughly 200,000 tons of copper, betting its price is about to drop.
Copper futures for December delivery rose 3.2 cents to $1.978 a pound on the Comex division of the New York Mercantile Exchange Friday, after rising to a record $1.98 a pound.
Platinum futures climbed $3.70 to close at $986.10. The contract hit $1,000 on Thursday for the first time in more than 25 years.
Miss Universe Natalie Globova unveiled ‘Universe’s most precious armband’ yesterday.
Cash is King until further notice!!!
My comments on companies are usually my opinion of long term success (years). The PPS may go up or down greatly in the meantime depending on the number of greedy suckers with money.
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
