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Thursday, December 01, 2005 5:28:44 PM
Gold rallies to 23-year high
Gold rallies to 23-year high
Last Updated Thu, 01 Dec 2005 15:53:30 EST
CBC News
The price of gold again topped $500 US an ounce in futures trading Thursday, setting a 23-year high in the process.
The February futures contract on the New York Mercantile Exchange closed at $506.30 US an ounce, up $7.60 US from Wednesday's close. That's the highest level for an actively-traded contract since February 1983.
In spot trading, gold was quoted at $503 US an ounce in late New York trading – the highest since March 1983.
Traders credit demand from the Middle East and Asia, as well as interest from central banks and hedge funds.
Futures prices for silver also hit an 18-year high Thursday. Copper futures hit an all-time high.
Brokerage firm UBS also raised its ratings to "buy" from "neutral" on eight gold mines – six of them based in Canada.
The Canadian companies include Goldcorp, Kinross, Agnico Eagle, Iamgold, Bema Gold and Golden Star Resources.
On the TSX, the gold sub-index was leading the market higher, with a 2.9 per cent gain.
Kinross Gold was up 35 cents to $9.10; Goldcorp rose 84 cents to $24.54.
"Given the solid GDP results and the fact that large speculators increased their net-long position in gold futures by 26 per cent to 162,982 contracts last week (the third-highest level this year), both fundamental and technical conditions continue to be conducive to ongoing gold strength," said BMO Nesbitt Burns economist Bart Melek.
LINK: http://www.cbc.ca/story/business/national/2005/12/01/gold-051201.html
Gold rallies to 23-year high
Last Updated Thu, 01 Dec 2005 15:53:30 EST
CBC News
The price of gold again topped $500 US an ounce in futures trading Thursday, setting a 23-year high in the process.
The February futures contract on the New York Mercantile Exchange closed at $506.30 US an ounce, up $7.60 US from Wednesday's close. That's the highest level for an actively-traded contract since February 1983.
In spot trading, gold was quoted at $503 US an ounce in late New York trading – the highest since March 1983.
Traders credit demand from the Middle East and Asia, as well as interest from central banks and hedge funds.
Futures prices for silver also hit an 18-year high Thursday. Copper futures hit an all-time high.
Brokerage firm UBS also raised its ratings to "buy" from "neutral" on eight gold mines – six of them based in Canada.
The Canadian companies include Goldcorp, Kinross, Agnico Eagle, Iamgold, Bema Gold and Golden Star Resources.
On the TSX, the gold sub-index was leading the market higher, with a 2.9 per cent gain.
Kinross Gold was up 35 cents to $9.10; Goldcorp rose 84 cents to $24.54.
"Given the solid GDP results and the fact that large speculators increased their net-long position in gold futures by 26 per cent to 162,982 contracts last week (the third-highest level this year), both fundamental and technical conditions continue to be conducive to ongoing gold strength," said BMO Nesbitt Burns economist Bart Melek.
LINK: http://www.cbc.ca/story/business/national/2005/12/01/gold-051201.html
HI-HO SILVER !!!
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