On Thursday, Oct. 8 on the basis of trading quotes on gold and silver continued to show significant upward trends in price against the backdrop of the fall of the dollar in the currency market FOREX, and also because of the positive trend of the stock sites and adjacent markets.
As a result of trading on the COMEX, division of the New York Mercantile Exchange (NYMEX), quotes gold futures rose by 11.90 to 1056.30 U.S. dollar per troy ounce, quotes, silver futures rose 31 cents to 17.81 dollars per ounce.
Causes
On Thursday, October 8 quotes for precious metals market showed upward trends in price against the backdrop of the fall of the dollar in the FOREX market because of increasing risk appetite, even though expressed in the comments Thursday European Central Bank President Trichet that that the desire of U.S. authorities to a strong dollar is very important, and that excessive volatility in exchange rates affected both the economy and on financial stability and also due to the positive trend of the stock sites, thanks to the renewed confidence of market participants in the reconstruction of the economy, which contributed to the growth of stock indexes (Dow Jones industrial average was 9786.87 (61.29), Nasdaq Composite - 2123.93 (13.60), SP 500 - 1065.48 (7.90)) and adjacent markets, namely the rise in oil prices. In addition, the market have been purchase on the basis of technical factors and the time indicator associated with the redistribution of funds from investors in the markets.
From news can note that Petropavlovsk Plc. in 2009, plans to produce 0.5 million ounces (15.5 tonnes) of gold in 2012 to build up production in half. In 2010, gold production is expected to reach 700 thousand ounces (21.8 tonnes). In the first half of 2009 the company increased its gold production by 54% compared to the same period last year, to 222.6 million ounces (6.9 tonnes). In April this year, Peter Hambro reunited with Aricom, to develop the deposits of iron ore and ilmenite in the Far East. The merger of two leading mining companies established in the Far East of Russia with gold and iron ore assets to pro forma market capitalization of about 1.15 billion dollars. The combined company changed its name to Petropavlovsk Plc.
What to expect?
The main positive factor in the gold market is the falling U.S. dollar on the foreign exchange market, FOREX, as well as positive market sentiment in the stock markets and adjacent markets, which could push prices to new historic peaks.
Why worry?
The main negative factor for the precious metals market is the technical picture, namely the fact that prices rewrote the global maximum, and many indicators are overbought zone depth, as well as the end of the trading week, which in turn may increase the pressure on precious metals and re-throw quotes to strong support at $ 1000 per troy ounce.
Review of the precious metals market for 08.10.09
Dynamics
On Thursday, Oct. 8 on the basis of trading quotes on gold and silver continued to show significant upward trends in price against the backdrop of the fall of the dollar in the currency market FOREX, and also because of the positive trend of the stock sites and adjacent markets.
As a result of trading on the COMEX, division of the New York Mercantile Exchange (NYMEX), quotes gold futures rose by 11.90 to 1056.30 U.S. dollar per troy ounce, quotes, silver futures rose 31 cents to 17.81 dollars per ounce.
Causes
On Thursday, October 8 quotes for precious metals market showed upward trends in price against the backdrop of the fall of the dollar in the FOREX market because of increasing risk appetite, even though expressed in the comments Thursday European Central Bank President Trichet that that the desire of U.S. authorities to a strong dollar is very important, and that excessive volatility in exchange rates affected both the economy and on financial stability and also due to the positive trend of the stock sites, thanks to the renewed confidence of market participants in the reconstruction of the economy, which contributed to the growth of stock indexes (Dow Jones industrial average was 9786.87 (61.29), Nasdaq Composite - 2123.93 (13.60), SP 500 - 1065.48 (7.90)) and adjacent markets, namely the rise in oil prices. In addition, the market have been purchase on the basis of technical factors and the time indicator associated with the redistribution of funds from investors in the markets.
From news can note that Petropavlovsk Plc. in 2009, plans to produce 0.5 million ounces (15.5 tonnes) of gold in 2012 to build up production in half. In 2010, gold production is expected to reach 700 thousand ounces (21.8 tonnes). In the first half of 2009 the company increased its gold production by 54% compared to the same period last year, to 222.6 million ounces (6.9 tonnes). In April this year, Peter Hambro reunited with Aricom, to develop the deposits of iron ore and ilmenite in the Far East. The merger of two leading mining companies established in the Far East of Russia with gold and iron ore assets to pro forma market capitalization of about 1.15 billion dollars. The combined company changed its name to Petropavlovsk Plc.
What to expect?
The main positive factor in the gold market is the falling U.S. dollar on the foreign exchange market, FOREX, as well as positive market sentiment in the stock markets and adjacent markets, which could push prices to new historic peaks.
Why worry?
The main negative factor for the precious metals market is the technical picture, namely the fact that prices rewrote the global maximum, and many indicators are overbought zone depth, as well as the end of the trading week, which in turn may increase the pressure on precious metals and re-throw quotes to strong support at $ 1000 per troy ounce.
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