On Friday 16 October and the results of auctions of the quotation for gold and silver showed a slight upward trend in price due to technical factors, as well as on the background of positive dynamics of the neighboring markets.
As a result of trading on the COMEX, division of the New York Mercantile Exchange (NYMEX), quotes gold futures rose by 0.90 to 1051.50 dollars per troy ounce, quotes, silver futures rose 1 cent to 17.42 dollars per ounce.
Causes
On Friday, October 16 quotes for precious metals market showed a slight upward trend in price due to technical factors - the closing of short positions before the weekend, and technical buying by investors who relied on graphics, as well as on the background of positive dynamics of the neighboring markets, and is the continuing rise in oil prices. Silver futures closed almost unchanged, the support they had the desire of investors to make purchases at more favorable price, coupled with a new wave of technical buying market participants. Stock markets on a given trading session, stood to one side, closing with a red zone - so, Dow Jones industrial average was 9995.91 (-67.03), Nasdaq Composite - 2156.80 (-16.49), SP 500 - 1087.68 (-8.88 ).
From news can note that the Canadian serebrodobyvayuschaya company Pan American Silver Corp. plans to acquire exploration company Aquiline Resources Inc. for 609 million dollars. Such a deal would more than triple the reliable resources of silver - to 945 million ounces (more than 29 thousand tons), the right to mine which has a Pan American Silver Corp. Much of the contribution in the amount of resources will occur at the expense of the Argentine Navidat project, located in Patagonia, one of the world's largest undeveloped silver deposits.
What to expect?
According to many analysts and traders, the price of gold may continue to grow and set new records next week due to the interest of investment funds in buying at lower prices, no long-downs, as well as on the background of positive dynamics of the neighboring markets.
Why worry?
Many analysts recommend to pay attention to this week's stock market, namely the financial statements of the largest companies, expected next week, which may adversely affect the stock market indices, and thereby lend support to the U.S. dollar and increase the pressure on precious metals.
Review of the precious metals market for 16.10.09
Dynamics
On Friday 16 October and the results of auctions of the quotation for gold and silver showed a slight upward trend in price due to technical factors, as well as on the background of positive dynamics of the neighboring markets.
As a result of trading on the COMEX, division of the New York Mercantile Exchange (NYMEX), quotes gold futures rose by 0.90 to 1051.50 dollars per troy ounce, quotes, silver futures rose 1 cent to 17.42 dollars per ounce.
Causes
On Friday, October 16 quotes for precious metals market showed a slight upward trend in price due to technical factors - the closing of short positions before the weekend, and technical buying by investors who relied on graphics, as well as on the background of positive dynamics of the neighboring markets, and is the continuing rise in oil prices. Silver futures closed almost unchanged, the support they had the desire of investors to make purchases at more favorable price, coupled with a new wave of technical buying market participants. Stock markets on a given trading session, stood to one side, closing with a red zone - so, Dow Jones industrial average was 9995.91 (-67.03), Nasdaq Composite - 2156.80 (-16.49), SP 500 - 1087.68 (-8.88 ).
From news can note that the Canadian serebrodobyvayuschaya company Pan American Silver Corp. plans to acquire exploration company Aquiline Resources Inc. for 609 million dollars. Such a deal would more than triple the reliable resources of silver - to 945 million ounces (more than 29 thousand tons), the right to mine which has a Pan American Silver Corp. Much of the contribution in the amount of resources will occur at the expense of the Argentine Navidat project, located in Patagonia, one of the world's largest undeveloped silver deposits.
What to expect?
According to many analysts and traders, the price of gold may continue to grow and set new records next week due to the interest of investment funds in buying at lower prices, no long-downs, as well as on the background of positive dynamics of the neighboring markets.
Why worry?
Many analysts recommend to pay attention to this week's stock market, namely the financial statements of the largest companies, expected next week, which may adversely affect the stock market indices, and thereby lend support to the U.S. dollar and increase the pressure on precious metals.
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