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Fleursdumal
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Reuters
Silver storms above $11/oz, gold price rebounds
Wednesday March 29
By Zach Howard
NEW YORK (Reuters) - The price of silver shot to a 22-year high above $11 per ounce on Wednesday, as funds continued a recent buying spree on excitement over a proposed U.S. silver-backed security, trading sources said.
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Gold raced to a seven-week peak on spillover interest from silver and other supportive factors, with the price holding just shy of last month's 25 year peak near $575 an ounce.
"Silver's still being driven by the expectations of the ETF (exchange-traded fund) and I think gold's more following," said David Rinehimer, head of futures research at Citigroup Global Markets in New York.
Spot silver bolted to $11.10/11.13 an ounce late in New York, versus Tuesday's late quote at $10.84/10.87. On Wednesday, London bullion dealers fixed the daily spot reference rate at $10.8750.
Fund buying took the price up 2.7 percent, helping silver surpassing a short-term technical of $11, on hopes that an ETF that is expected to boost consumer and speculative demand will launch soon.
Silver has risen almost 8 percent since last Tuesday when the U.S. Securities and Exchange Commission cleared the way for final approval of the first ETF to be backed by bullion.
ETFs are designed to track a specific market or commodity and trade like any list shares on an exchange.
The SEC has not said if or when it would approve Barclays Global Investors' iShares Silver Trust and a launch date was difficult to predict, analysts said.
Credit Suisse this week said silver could climb further in the medium-term, to $15 an ounce, hoisted by greater demand due to the ETF.
Gold drew support from the gray metal, as well as a softer U.S. dollar, higher energy prices and an almost two-month peak in the Reuters/Jefferies CRB Index (^CRB - News) of 19 commodity futures, market sources said.
"The fact that we made a new high for the month in gold brought some new fund buying and short covering into market," said Rinehimer.
"The market over-reacted in the early decline -- it has had a good bounce, and oil is up as well," a European trader said.
Earlier, the Federal Reserve's move to hike rates prompted selling and dragged down gold and silver by nearly one percent each.
But price dips are providing good buying opportunities and the metals are seen moving toward recent highs after some profit-booking, analysts said.
Spot gold rose to $573.10/574.00 an ounce, up from Tuesday's late New York quote of $564.35/565.20.
The closing level was just shy of the day's peak of $573.60, which was a mere $1 off the February 2 25-year high.
Tokyo Commodity Exchange gold futures had been pressured overnight as Japanese investors locked in profits ahead of book closings on Friday for the end of Japan's financial year.
"Backed by firm oil prices, falls in gold will be limited," said Hiroyuki Kikukawa, an associate director at Nihon Unicom Corp.
Analysts said, longer term, gold still might go higher.
"Despite the potential impact higher U.S. interest rates will have on gold, it is still well placed to test February's 25-year high of $575 as improving supply/demand fundamentals and the metal's anti-inflationary/safe-haven properties draw investors toward gold and the other precious metals," said analysts at TheBullionDesk.com.
In industry news, Barrick Gold Corp., the world's largest gold company, said it was maintaining its previous forecast to produce between 8.6 million and 8.9 million ounces of gold in 2006.
Platinum rose to $1,071/1,075 an ounce from $1,069/1,073 previously, while palladium closed at $333.50/337.50 an ounce from $337/342.
Silver storms above $11/oz, gold price rebounds
Wednesday March 29
By Zach Howard
NEW YORK (Reuters) - The price of silver shot to a 22-year high above $11 per ounce on Wednesday, as funds continued a recent buying spree on excitement over a proposed U.S. silver-backed security, trading sources said.
ADVERTISEMENT
Gold raced to a seven-week peak on spillover interest from silver and other supportive factors, with the price holding just shy of last month's 25 year peak near $575 an ounce.
"Silver's still being driven by the expectations of the ETF (exchange-traded fund) and I think gold's more following," said David Rinehimer, head of futures research at Citigroup Global Markets in New York.
Spot silver bolted to $11.10/11.13 an ounce late in New York, versus Tuesday's late quote at $10.84/10.87. On Wednesday, London bullion dealers fixed the daily spot reference rate at $10.8750.
Fund buying took the price up 2.7 percent, helping silver surpassing a short-term technical of $11, on hopes that an ETF that is expected to boost consumer and speculative demand will launch soon.
Silver has risen almost 8 percent since last Tuesday when the U.S. Securities and Exchange Commission cleared the way for final approval of the first ETF to be backed by bullion.
ETFs are designed to track a specific market or commodity and trade like any list shares on an exchange.
The SEC has not said if or when it would approve Barclays Global Investors' iShares Silver Trust and a launch date was difficult to predict, analysts said.
Credit Suisse this week said silver could climb further in the medium-term, to $15 an ounce, hoisted by greater demand due to the ETF.
Gold drew support from the gray metal, as well as a softer U.S. dollar, higher energy prices and an almost two-month peak in the Reuters/Jefferies CRB Index (^CRB - News) of 19 commodity futures, market sources said.
"The fact that we made a new high for the month in gold brought some new fund buying and short covering into market," said Rinehimer.
"The market over-reacted in the early decline -- it has had a good bounce, and oil is up as well," a European trader said.
Earlier, the Federal Reserve's move to hike rates prompted selling and dragged down gold and silver by nearly one percent each.
But price dips are providing good buying opportunities and the metals are seen moving toward recent highs after some profit-booking, analysts said.
Spot gold rose to $573.10/574.00 an ounce, up from Tuesday's late New York quote of $564.35/565.20.
The closing level was just shy of the day's peak of $573.60, which was a mere $1 off the February 2 25-year high.
Tokyo Commodity Exchange gold futures had been pressured overnight as Japanese investors locked in profits ahead of book closings on Friday for the end of Japan's financial year.
"Backed by firm oil prices, falls in gold will be limited," said Hiroyuki Kikukawa, an associate director at Nihon Unicom Corp.
Analysts said, longer term, gold still might go higher.
"Despite the potential impact higher U.S. interest rates will have on gold, it is still well placed to test February's 25-year high of $575 as improving supply/demand fundamentals and the metal's anti-inflationary/safe-haven properties draw investors toward gold and the other precious metals," said analysts at TheBullionDesk.com.
In industry news, Barrick Gold Corp., the world's largest gold company, said it was maintaining its previous forecast to produce between 8.6 million and 8.9 million ounces of gold in 2006.
Platinum rose to $1,071/1,075 an ounce from $1,069/1,073 previously, while palladium closed at $333.50/337.50 an ounce from $337/342.
Fleursdumal
फूल की बुराई
qui su gold-eagle trovi tutto su oro&argento
link sotto l'ultimo editoriale sull'argento
http://www.gold-eagle.com/editorials_05/zihlmann032806.html
link sotto l'ultimo editoriale sull'argento
http://www.gold-eagle.com/editorials_05/zihlmann032806.html
ditropan
Forumer storico
Adesso mi converto ... divento finokkio ... ed il mio scopo primario sarà quello di mettervela nel SEDERE !!!! 
E che cakkio ... è rame ... comunissimo e schifosissimo rame ... si prende si usa e si ricicla ... quindi che cavolo ci fà a 260 centesimi ?
Siete proprio dei pezzentoni !!!! ... bastar.di dentro fino nell'animo !
E che cakkio ... è rame ... comunissimo e schifosissimo rame ... si prende si usa e si ricicla ... quindi che cavolo ci fà a 260 centesimi ?
Siete proprio dei pezzentoni !!!! ... bastar.di dentro fino nell'animo !
Fleursdumal
फूल की बुराई
alan1 ha scritto:
i funds son usciti in massa come caproni per prendere profitto, nel post dei bonds ho messo il grafico di una mossa simile accaduta l'anno scorso, d'altronde era tiratissimo ormai con un rsi14 sul daily a 94
il bello è che ha tirato giù anche l'oro che stamattina faceva un +1,5%
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