On Monday, Sept. 21 at the tender quotes for gold and silver showed a decrease in price on continued strengthening of the dollar in the foreign exchange market, FOREX, and also due to profit-taking by market participants because of the fall of the major stock pads on the eve of the summit and the Twenty Grand meeting of the Federal Reserve System.
As a result of trading on the COMEX, division of the New York Mercantile Exchange (NYMEX) quotes gold futures dropped to 5.40 to U.S. $ 1004.90 per troy ounce, quotes, silver futures fell 18 cents to 16.88 dollars per ounce.
Causes
On Monday, September 21 quotes for precious metals market showed a decrease in costs due to continued strengthening of the dollar in the FOREX market before the summit of Big Twenty, which will be held on Thursday in Pittsburgh, and the meeting of the U.S. Federal Reserve, which, as believed to be signaled a departure from the efforts undertaken to support the economy, as well as against the negative dynamics of the major stock sites (Dow Jones industrial average 9778.86 (-41.34), Nasdaq Composite 2138.04 (5.18), SP 500: 1064.66 (-3.64) ), which has led many market participants to lock in profits. This December futures for the seventh consecutive time closed above a mark 1000 dollars per ounce.
From news can note that the company Wardrop submitted a preliminary draft of the development are Huanisipio, prinadlezheshego joint venture between MAG Silver (44%) and Fresnillo plc (56%). The project is considered the feasibility of development the main ore zone - veins Valdekanyas - based on independent mine. Established resources of the deposit amount to 2,282 tons in the content of Ag - 683 g. /ton, Ag - 1,8 g. /t, Pb - 2,3%, Zn - 3,7%; estimated resources are 6.793 thousand tons with the content of Ag - 529 g. /ton, Ag - 1,5 g. /t, Pb - 2,0%, Zn - 3,1%. According to the draft, the basic parameters of the mine the following: the duration of preparatory work - 3,5 years, the payback period of the mine - 2.6 years (the estimated value of silver 10,59 dol. /ounce), the period of deposit processing - 12,6 years, capital costs - 217,0 million dollars, the cost of production - 30.862 thousand dollars per year; 42,28 dollars. /t. ore, the average annual productivity - 435 tons of silver, the amount of mined silver (over 12.6 years) - 5486 tons, net profit enterprise - 223.39 dollars. /t. (for a set of resources), 179,2 dollars. /t. (for prospective resources).
What to expect?
The main positive factor in the gold market is the technical picture, namely the fact that several consecutive trading sessions, closed above the psychological level of $ 1000 per troy ounce, as well as the fact that gold is one of the main instruments of hedging. The purpose of market participants is currently testing the historic peak of 1030.80 dollars per troy ounce, set March 17, 2008.
Why worry?
The main negative factor in the precious metals market is to strengthen the U.S. dollar in the foreign exchange market, FOREX, which could have a significant downward pressure on the price of gold, especially at current levels. Therefore, many market participants are showing some caution at prices above $ 1000 per troy ounce.
Review of the precious metals market for 21.09.09
Dynamics
On Monday, Sept. 21 at the tender quotes for gold and silver showed a decrease in price on continued strengthening of the dollar in the foreign exchange market, FOREX, and also due to profit-taking by market participants because of the fall of the major stock pads on the eve of the summit and the Twenty Grand meeting of the Federal Reserve System.
As a result of trading on the COMEX, division of the New York Mercantile Exchange (NYMEX) quotes gold futures dropped to 5.40 to U.S. $ 1004.90 per troy ounce, quotes, silver futures fell 18 cents to 16.88 dollars per ounce.
Causes
On Monday, September 21 quotes for precious metals market showed a decrease in costs due to continued strengthening of the dollar in the FOREX market before the summit of Big Twenty, which will be held on Thursday in Pittsburgh, and the meeting of the U.S. Federal Reserve, which, as believed to be signaled a departure from the efforts undertaken to support the economy, as well as against the negative dynamics of the major stock sites (Dow Jones industrial average 9778.86 (-41.34), Nasdaq Composite 2138.04 (5.18), SP 500: 1064.66 (-3.64) ), which has led many market participants to lock in profits. This December futures for the seventh consecutive time closed above a mark 1000 dollars per ounce.
From news can note that the company Wardrop submitted a preliminary draft of the development are Huanisipio, prinadlezheshego joint venture between MAG Silver (44%) and Fresnillo plc (56%). The project is considered the feasibility of development the main ore zone - veins Valdekanyas - based on independent mine. Established resources of the deposit amount to 2,282 tons in the content of Ag - 683 g. /ton, Ag - 1,8 g. /t, Pb - 2,3%, Zn - 3,7%; estimated resources are 6.793 thousand tons with the content of Ag - 529 g. /ton, Ag - 1,5 g. /t, Pb - 2,0%, Zn - 3,1%. According to the draft, the basic parameters of the mine the following: the duration of preparatory work - 3,5 years, the payback period of the mine - 2.6 years (the estimated value of silver 10,59 dol. /ounce), the period of deposit processing - 12,6 years, capital costs - 217,0 million dollars, the cost of production - 30.862 thousand dollars per year; 42,28 dollars. /t. ore, the average annual productivity - 435 tons of silver, the amount of mined silver (over 12.6 years) - 5486 tons, net profit enterprise - 223.39 dollars. /t. (for a set of resources), 179,2 dollars. /t. (for prospective resources).
What to expect?
The main positive factor in the gold market is the technical picture, namely the fact that several consecutive trading sessions, closed above the psychological level of $ 1000 per troy ounce, as well as the fact that gold is one of the main instruments of hedging. The purpose of market participants is currently testing the historic peak of 1030.80 dollars per troy ounce, set March 17, 2008.
Why worry?
The main negative factor in the precious metals market is to strengthen the U.S. dollar in the foreign exchange market, FOREX, which could have a significant downward pressure on the price of gold, especially at current levels. Therefore, many market participants are showing some caution at prices above $ 1000 per troy ounce.
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