Vitaliy Shevchenko, an analyst company UMIS, currency market, oil, metals
Dynamics
On Friday 10 July at the bid quotes on gold and silver resumed falling. U.S. dollar after sharp weakening of the previous day, again began to grow. Gold for the week fell by 3.0%.
As a result of trades on the COMEX, division New York Commodity Exchange (New York Mercantile Exchange, NYMEX) gold stood at around 912.50 dollars per troy ounce, while silver closed at around 12.64 dollars per ounce.
Causes
Gold prices traded on a neutral on Friday, recovered from the area of at least 907.28 dollars per troy ounce, and showing a maximum of 915.42 dollars per troy ounce. The direction of rates raised the dollar, which was more negative for gold, than positive. Moreover, the decline in oil prices and metals also deprive the main advantages of gold as an instrument of protection against rising prices. From the news it may be noted that members of the union Compania Minera Mantos de Oro, Chile (a subsidiary company of Kinross Gold Corp) went on strike at the mine of La Koypa (La Coipa) in the region of Atacama in northern Chile. Zolotoserebryany mine to stop work in 2011. Unless additional reserves are found. However, Kinross said that there is significant potential to find additional reserves near existing fields. The strike will reduce the mining company at 300 ounces per day.
What to expect?
As we approach the price of gold to 900 dollars per troy ounce could increase the purchase of the physical form of the metal. In addition, this level is also an attractive investment in the long run. Yes, and ignore the additional programs to stimulate the global economy can not. In the United States preparing to adopt a new package has already started, but its implementation will need to re-insert the printing press to produce dollars at full capacity.
What is fear?
The pressure on gold may have concerns about the upcoming sales of gold by the International Monetary Fund, which were approved by the U.S. Congress this summer. So far, the market will not be removed excess supply, the market will be difficult to maintain position. In addition, the fuel to the fire may scoundrelly new building a short position on gold, after the elimination of most of them before closing the session last week.
Precious metals market review for 10.07.09
Vitaliy Shevchenko, an analyst company UMIS, currency market, oil, metals
Dynamics
On Friday 10 July at the bid quotes on gold and silver resumed falling. U.S. dollar after sharp weakening of the previous day, again began to grow. Gold for the week fell by 3.0%.
As a result of trades on the COMEX, division New York Commodity Exchange (New York Mercantile Exchange, NYMEX) gold stood at around 912.50 dollars per troy ounce, while silver closed at around 12.64 dollars per ounce.
Causes
Gold prices traded on a neutral on Friday, recovered from the area of at least 907.28 dollars per troy ounce, and showing a maximum of 915.42 dollars per troy ounce. The direction of rates raised the dollar, which was more negative for gold, than positive. Moreover, the decline in oil prices and metals also deprive the main advantages of gold as an instrument of protection against rising prices. From the news it may be noted that members of the union Compania Minera Mantos de Oro, Chile (a subsidiary company of Kinross Gold Corp) went on strike at the mine of La Koypa (La Coipa) in the region of Atacama in northern Chile. Zolotoserebryany mine to stop work in 2011. Unless additional reserves are found. However, Kinross said that there is significant potential to find additional reserves near existing fields. The strike will reduce the mining company at 300 ounces per day.
What to expect?
As we approach the price of gold to 900 dollars per troy ounce could increase the purchase of the physical form of the metal. In addition, this level is also an attractive investment in the long run. Yes, and ignore the additional programs to stimulate the global economy can not. In the United States preparing to adopt a new package has already started, but its implementation will need to re-insert the printing press to produce dollars at full capacity.
What is fear?
The pressure on gold may have concerns about the upcoming sales of gold by the International Monetary Fund, which were approved by the U.S. Congress this summer. So far, the market will not be removed excess supply, the market will be difficult to maintain position. In addition, the fuel to the fire may scoundrelly new building a short position on gold, after the elimination of most of them before closing the session last week.
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