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ajren - 17 Nov 2003 19:46
Do you want to get all the gold/mining treads onto this site as a huge amount
of repetition ajren
of repetition ajren
goldfinger
- 02 Dec 2003 00:36
- 36 of 48
METALS STOCKS
Gold futures end above $400 an ounce
Prices close near session's high; copper, silver rally
By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 4:34 PM ET Dec. 1, 2003
SAN FRANCISCO (CBS.MW) -- A sharp drop in the U.S. dollar forced gold futures to close above $400 an ounce Monday for the first time in nearly eight years.
Many analysts expect prices to climb even higher, but some urged caution going forward.
February gold traded Monday as high as $404 an ounce on the New York Mercantile Exchange, its highest level since February of 1996. The high surpassed the $402 high from the last Nymex session, which came before the Thanksgiving holiday.
The contract closed at $403.80 an ounce, up $5.80 for the session.
"The gold market is continuing to attract buyers as the dollar continues to slide to new ... contract lows," said John Person, head financial analyst at Infinity Brokerage Services.
The U.S. dollar fell to another all-time euro low, also declining against a host of currencies Monday as investors and officials have been, so far, hesitant to halt a correction for the record U.S. trade gap. See Currencies report.
Dollar weakness and reports of a street battle in which U.S. forces killed more than 50 Iraqis and guerrillas are "keeping the market underpinned," James Moore, an analyst at TheBullionDesk.com in London, wrote in a note to clients Monday.
Grady Garrett, chief trading strategist at EnergyTrendAlert.com, also pointed out that shopping data from Visa USA indicated very firm sales on the two shopping days following Thanksgiving Day. See Retail Stocks.
"At this point, the economy continues to look like it is on track," he said, which is a long-term positive on demand for gold. "A section of the pundits have been underestimating the economic recovery every step of the way," he said.
But "this may translate to the end of the bull ride for gold," Person warned, pointing out that he had been expecting gold prices to reach $400 to $420 by the end of the year.
"The market has appreciated by over $25 an ounce in as little as a month," he said, so "profit taking will be a feature as we climb near the $420 level."
The real test
That's not to say prices won't move any higher.
Now that gold prices have pierced $400, "the real test for the gold bull market begins," said Ben Johnson, president of money management firm First Securities Northwest in Portland, Ore.
In the last 15 years, the gold price peaked four times in the $400 to $425 area, he said.
"In 1989, 1990, 1993, and 1996 gold traded in this range for a month or two -- only to subsequently fall significantly," he said.
So, the market will need to see prices break above, or hold in this "decisive area for more than just a couple of months, to assure that the current three-year gold bull market in U.S. dollar terms is not over," Johnson said.
Silver tops three-year high; copper rallies
Also on Nymex Monday, other metals futures closed mainly higher, with the industrial metals posting sharp gains on upbeat economic demand prospects.
Silver tacked on as much as 3 percent to touch a three-and-a-half year high, and copper rallied 5 percent.
March silver added 8.8 cents to close at $5.47 an ounce after climbing to a high of $5.57 -- the highest price the market has seen since February of 2000.
March copper climbed 4.7 cents to close at 96.1 cents a pound. It climbed to a more than two-week high at 96.25 cents earlier in the session.
January platinum also climbed by $5.10 to $774 an ounce. The December contract for palladium closed at $189 an ounce, up 20 cents.
On the supply end, gold inventories stood at 3.06 million troy ounces, down 195 troy ounces as of late Friday.
Silver stocks totaled 124.5 million troy ounces, unchanged from the previous session, and copper supplies were down 708 short tons at 289,257 short tons.
Metals stocks' four-session climb
In the equities arena, metals mining stocks closed higher after showing some afternoon weakness. Indexes marked four-session winning streak.
Mining stocks saw some weakness at midday, with some indexes even logging a modest decline, but Brien Lundin, editor of Gold Newsletter said pullbacks are actually healthy for the market.
"The gold equities are merely climbing the proverbial wall of worry, and a good dose of skepticism is good for the longer-term health of this bull market," he said.
Gold will "continue to climb this wall, sputtering ahead in fits and starts until it proves it can maintain a price plateau over $400," he said.
And "as it does so, the mining stocks will once again jump ahead," he said.
Tracking the metals sector as a whole Monday, the Philadelphia Gold and Silver Index (XAU: news, chart, profile) closed at 112.21, up 2.3 percent, and the CBOE Gold Index ($GOX: news, chart, profile) tacked on 2.3 percent to close at 94.04. Both indexes closed at fresh six-year highs.
The Amex Gold Bugs Index (HUI: news, chart, profile) moved higher as well, up 2.9 percent to close at 255.59. The index continues to trade at its highest levels in at least seven years.
Several index components touched fresh 52-week highs, including Newmont Mining (NEM: news, chart, profile), Freeport-McMoran Copper and Gold (FCX: news, chart, profile), and Placer Dome Gold (PDG: news, chart, profile).
Myra P. Saefong is a reporter for CBS.MarketWatch.com in San Francisco.
cheers GF.
Gold futures end above $400 an ounce
Prices close near session's high; copper, silver rally
By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 4:34 PM ET Dec. 1, 2003
SAN FRANCISCO (CBS.MW) -- A sharp drop in the U.S. dollar forced gold futures to close above $400 an ounce Monday for the first time in nearly eight years.
Many analysts expect prices to climb even higher, but some urged caution going forward.
February gold traded Monday as high as $404 an ounce on the New York Mercantile Exchange, its highest level since February of 1996. The high surpassed the $402 high from the last Nymex session, which came before the Thanksgiving holiday.
The contract closed at $403.80 an ounce, up $5.80 for the session.
"The gold market is continuing to attract buyers as the dollar continues to slide to new ... contract lows," said John Person, head financial analyst at Infinity Brokerage Services.
The U.S. dollar fell to another all-time euro low, also declining against a host of currencies Monday as investors and officials have been, so far, hesitant to halt a correction for the record U.S. trade gap. See Currencies report.
Dollar weakness and reports of a street battle in which U.S. forces killed more than 50 Iraqis and guerrillas are "keeping the market underpinned," James Moore, an analyst at TheBullionDesk.com in London, wrote in a note to clients Monday.
Grady Garrett, chief trading strategist at EnergyTrendAlert.com, also pointed out that shopping data from Visa USA indicated very firm sales on the two shopping days following Thanksgiving Day. See Retail Stocks.
"At this point, the economy continues to look like it is on track," he said, which is a long-term positive on demand for gold. "A section of the pundits have been underestimating the economic recovery every step of the way," he said.
But "this may translate to the end of the bull ride for gold," Person warned, pointing out that he had been expecting gold prices to reach $400 to $420 by the end of the year.
"The market has appreciated by over $25 an ounce in as little as a month," he said, so "profit taking will be a feature as we climb near the $420 level."
The real test
That's not to say prices won't move any higher.
Now that gold prices have pierced $400, "the real test for the gold bull market begins," said Ben Johnson, president of money management firm First Securities Northwest in Portland, Ore.
In the last 15 years, the gold price peaked four times in the $400 to $425 area, he said.
"In 1989, 1990, 1993, and 1996 gold traded in this range for a month or two -- only to subsequently fall significantly," he said.
So, the market will need to see prices break above, or hold in this "decisive area for more than just a couple of months, to assure that the current three-year gold bull market in U.S. dollar terms is not over," Johnson said.
Silver tops three-year high; copper rallies
Also on Nymex Monday, other metals futures closed mainly higher, with the industrial metals posting sharp gains on upbeat economic demand prospects.
Silver tacked on as much as 3 percent to touch a three-and-a-half year high, and copper rallied 5 percent.
March silver added 8.8 cents to close at $5.47 an ounce after climbing to a high of $5.57 -- the highest price the market has seen since February of 2000.
March copper climbed 4.7 cents to close at 96.1 cents a pound. It climbed to a more than two-week high at 96.25 cents earlier in the session.
January platinum also climbed by $5.10 to $774 an ounce. The December contract for palladium closed at $189 an ounce, up 20 cents.
On the supply end, gold inventories stood at 3.06 million troy ounces, down 195 troy ounces as of late Friday.
Silver stocks totaled 124.5 million troy ounces, unchanged from the previous session, and copper supplies were down 708 short tons at 289,257 short tons.
Metals stocks' four-session climb
In the equities arena, metals mining stocks closed higher after showing some afternoon weakness. Indexes marked four-session winning streak.
Mining stocks saw some weakness at midday, with some indexes even logging a modest decline, but Brien Lundin, editor of Gold Newsletter said pullbacks are actually healthy for the market.
"The gold equities are merely climbing the proverbial wall of worry, and a good dose of skepticism is good for the longer-term health of this bull market," he said.
Gold will "continue to climb this wall, sputtering ahead in fits and starts until it proves it can maintain a price plateau over $400," he said.
And "as it does so, the mining stocks will once again jump ahead," he said.
Tracking the metals sector as a whole Monday, the Philadelphia Gold and Silver Index (XAU: news, chart, profile) closed at 112.21, up 2.3 percent, and the CBOE Gold Index ($GOX: news, chart, profile) tacked on 2.3 percent to close at 94.04. Both indexes closed at fresh six-year highs.
The Amex Gold Bugs Index (HUI: news, chart, profile) moved higher as well, up 2.9 percent to close at 255.59. The index continues to trade at its highest levels in at least seven years.
Several index components touched fresh 52-week highs, including Newmont Mining (NEM: news, chart, profile), Freeport-McMoran Copper and Gold (FCX: news, chart, profile), and Placer Dome Gold (PDG: news, chart, profile).
Myra P. Saefong is a reporter for CBS.MarketWatch.com in San Francisco.
cheers GF.
ajren - 02 Dec 2003 10:04 - 37 of 48
Thanks gf.I am delighted you posted above on this site as it gives all of us
an overall view of the entire Stockmarket worldwide - not just gold - as
gold is the barometer for the dollar/All currencies worldwide/terrorism/
everything about the entire American economic health.
Now that gold is so high - and probably going higher - it will be interesting
to see how BAD everything gets in relation to the dollar/terrorism and what
effect this will - if any - on the Nasdaq,etc and FTSE,etc which is where we
- investors - will be effected. rgds aj
an overall view of the entire Stockmarket worldwide - not just gold - as
gold is the barometer for the dollar/All currencies worldwide/terrorism/
everything about the entire American economic health.
Now that gold is so high - and probably going higher - it will be interesting
to see how BAD everything gets in relation to the dollar/terrorism and what
effect this will - if any - on the Nasdaq,etc and FTSE,etc which is where we
- investors - will be effected. rgds aj
zarif
- 02 Dec 2003 19:53
- 38 of 48
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ajren - 03 Dec 2003 10:29 - 39 of 48
Hi zarif.Thanks for a great post.
I never thought of the exchange rate issue :-Their sentence....
...a weaker U.S.currency makes dollar-denominated gold less expensive for
holders of other currencies like the euro and the yen.
I think this will cause gold to go higher.Opinions ? aj
I never thought of the exchange rate issue :-Their sentence....
...a weaker U.S.currency makes dollar-denominated gold less expensive for
holders of other currencies like the euro and the yen.
I think this will cause gold to go higher.Opinions ? aj
ajren - 04 Dec 2003 15:13 - 40 of 48
Why is the price dropping ?
rgds aj
rgds aj
ajren - 04 Dec 2003 15:15 - 41 of 48
Sorry..
Above should be on the Goldprice thread.
Above should be on the Goldprice thread.
goldfinger
- 04 Dec 2003 16:24
- 42 of 48
This could be good ajren and others.
METALS STOCKS
Gold futures fall after 4-session climb
By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 10:34 AM ET Dec. 4, 2003
SAN FRANCISCO (CBS.MW) -- Gold futures prices fell Thursday for the first time in five sessions, pulling shares of metals mining companies mainly lower.
February gold fell by $1.60 to trade at $403.20 an ounce on the New York Mercantile Exchange. The contract had gained $12.40 an ounce over the previous four sessions
"Some consolidation at these levels is to be expected," said Brien Lundin, editor of Gold Newsletter. "But the gold market has been consistently providing the unexpected -- often surging ahead just when everyone is anticipating a correction or consolidation," he said.
Lundin said he wouldn't be surprised if that's exactly what happens at this juncture. "While gold stock investors are worrying whether gold can hold these levels, the metal is hinting that it is ready to move forward once again," he said.
In the stock market, metals industry indexes traded mainly lower.
The Philadelphia Gold and Silver Index (XAU: news, chart, profile), traded at 110.56, and the Amex Gold Bugs Index (HUI: news, chart, profile) was down by 1.5 percent at 250.61.
The CBOE Gold Index ($GOX: news, chart, profile) traded at 92.6, down 1.7 percent.
"While gold stocks have been reacting favorably to gold's recent moves, they haven't been roaring ahead of the metal as some would expect," said Lundin.
"In fact, the mining equities have been climbing a wall of worry, and showing some lack of conviction that gold will hold above $400 after its recent, dazzling leap above that benchmark," he said.
Among the index components ending lower, shares of Coeur d'Alene Mines (CDE: news, chart, profile) fell by 34 cents, or 6.3 percent, to trade at $5.09.
The U.S. dollar provided little in the way of support for the gold market Thursday. The currency was mostly stable amid speculation that European officials may act to curb the greenback's tumble snapped a string of record highs for the euro. See Currencies Report.
cheers GF.
METALS STOCKS
Gold futures fall after 4-session climb
By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 10:34 AM ET Dec. 4, 2003
SAN FRANCISCO (CBS.MW) -- Gold futures prices fell Thursday for the first time in five sessions, pulling shares of metals mining companies mainly lower.
February gold fell by $1.60 to trade at $403.20 an ounce on the New York Mercantile Exchange. The contract had gained $12.40 an ounce over the previous four sessions
"Some consolidation at these levels is to be expected," said Brien Lundin, editor of Gold Newsletter. "But the gold market has been consistently providing the unexpected -- often surging ahead just when everyone is anticipating a correction or consolidation," he said.
Lundin said he wouldn't be surprised if that's exactly what happens at this juncture. "While gold stock investors are worrying whether gold can hold these levels, the metal is hinting that it is ready to move forward once again," he said.
In the stock market, metals industry indexes traded mainly lower.
The Philadelphia Gold and Silver Index (XAU: news, chart, profile), traded at 110.56, and the Amex Gold Bugs Index (HUI: news, chart, profile) was down by 1.5 percent at 250.61.
The CBOE Gold Index ($GOX: news, chart, profile) traded at 92.6, down 1.7 percent.
"While gold stocks have been reacting favorably to gold's recent moves, they haven't been roaring ahead of the metal as some would expect," said Lundin.
"In fact, the mining equities have been climbing a wall of worry, and showing some lack of conviction that gold will hold above $400 after its recent, dazzling leap above that benchmark," he said.
Among the index components ending lower, shares of Coeur d'Alene Mines (CDE: news, chart, profile) fell by 34 cents, or 6.3 percent, to trade at $5.09.
The U.S. dollar provided little in the way of support for the gold market Thursday. The currency was mostly stable amid speculation that European officials may act to curb the greenback's tumble snapped a string of record highs for the euro. See Currencies Report.
cheers GF.
ajren - 04 Dec 2003 16:28 - 43 of 48
I think the last paragraph explains it :-Dollar stable...etc rgds aj
goldfinger
- 10 Dec 2003 01:17
- 44 of 48
US REPORT TUESDAY.
Mining shares fall for a second day
Following the Federal Reserve's announcement Tuesday, metals mining shares closed near their lowest level in two weeks.
The shares fell Monday, after gains of around 1.5 percent last week.
Gebhard pointed out a recent article in the weekly publication Barron's that emphasized investment in gold bullion, rather than mining stocks, as the best way into the gold market.
The Philadelphia Gold and Silver Index (XAU: news, chart, profile) fell 2.9 percent to close at 107.83. The CBOE Gold Index ($GOX: news, chart, profile) also closed down 2.9 percent at 90.38.
The Amex Gold Bugs Index (HUI: news, chart, profile) fell 3.8 percent at 242.22.
All three indexes closed near the session's lows and at levels not seen since Nov. 26.
Among mining-index components, shares of Placer Dome Gold (PDG: news, chart, profile) fell 91 cents, or 4.9 percent, to close at $17.48 and Bema Gold (BGO: news, chart, profile) closed at $3.66, down 29 cents, or 7.3 percent.
cheers GF.
Mining shares fall for a second day
Following the Federal Reserve's announcement Tuesday, metals mining shares closed near their lowest level in two weeks.
The shares fell Monday, after gains of around 1.5 percent last week.
Gebhard pointed out a recent article in the weekly publication Barron's that emphasized investment in gold bullion, rather than mining stocks, as the best way into the gold market.
The Philadelphia Gold and Silver Index (XAU: news, chart, profile) fell 2.9 percent to close at 107.83. The CBOE Gold Index ($GOX: news, chart, profile) also closed down 2.9 percent at 90.38.
The Amex Gold Bugs Index (HUI: news, chart, profile) fell 3.8 percent at 242.22.
All three indexes closed near the session's lows and at levels not seen since Nov. 26.
Among mining-index components, shares of Placer Dome Gold (PDG: news, chart, profile) fell 91 cents, or 4.9 percent, to close at $17.48 and Bema Gold (BGO: news, chart, profile) closed at $3.66, down 29 cents, or 7.3 percent.
cheers GF.
ajren - 10 Dec 2003 10:32 - 45 of 48
Hi gf ref sentence investing in gold bullion-reason for my goldbullion site rgds
aj
aj
ajren - 11 Dec 2003 11:45 - 46 of 48
See STRONG INTEREST IN GOLD on my gold bullion thread rgds aj
goldfinger
- 12 Dec 2003 00:09
- 47 of 48
METALS STOCKS
Gold slips, ends above session lows
Other commodities fall; metals shares on comeback trail
By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 4:22 PM ET Dec. 11, 2003
SAN FRANCISCO (CBS.MW) -- Gold futures rebounded by more than $2 an ounce from their intraday low Thursday, and sector trackers for metals mining shares ended the session with gains of 3 percent.
CBS MARKETWATCH TOP NEWS
Dow ends past 10K, first time since May '02
FOMC in Oct.: Low inflation for 'a year or two'
Prudential; Heartland face civil fraud charges
China Life seen pricing at top of IPO range
Home Depot shares rise on $1 bln stock buyback plan
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On the New York Mercantile Exchange, gold for February delivery closed at $405.40 an ounce, down $1.60. The contract fell to a low of $403.30 earlier in the session, its lowest level since Friday.
"The bottom line is that this market will remain choppy for some time, probably through mid-January," said Brien Lundin, editor of Gold Newsletter.
By the same token, Lundin is buoyant on the outlook for metals shares, saying investors are likely to see "some exceptional buying opportunities develop."
Against this backdrop, the sector's shares moved broadly higher, attempting to break a losing streak that has spanned the three previous sessions.
The Philadelphia Gold and Silver Index (XAU: news, chart, profile) rose 2.9 percent to close at 106.01, and the CBOE Gold Index ($GOX: news, chart, profile) added 3.1 percent to 88.78. Both barometers fell by more than 4 percent on Wednesday.
The Amex Gold Bugs Index (HUI: news, chart, profile), which lost 6 percent in the previous session, climbed back by 3.4 percent to 235.38.
Among mining-index components, shares of Freeport-McMoRan Copper & Gold (FCX: news, chart, profile) closed at $44.89, up $2.02, or 4.7 percent. Agnico-Eagle Mines (AEM: news, chart, profile) added 45 cents, or 4 percent, to close at $11.70, while Harmony Gold (HMY: news, chart, profile) rose $1.09, or 7.4 percent, to close at $15.75.
Goldcorp (GG: news, chart, profile) tacked on 60 cents, or 3.7 percent, to end the session at $16.68. Goldcorp said Wednesday that it sold 8.3 metric tons of gold, which it accumulated from production and market purchases since 2001 in a bet on higher gold prices, according to Lundin.
Shares of the company fell 5.5 percent Wednesday, but the news is actually bullish for gold, Lundin said. "The company sold its holdings during the current quarter, a time when the gold price was rocketing ahead," he said.
"The sales had zero effect on the gold prices and the company has begun ... holding back 10 percent of its production from sale in anticipation of even higher prices," he added.
Gold plays off dollar
For traders in the Nymex gold pit, the "dollar is still the short-term driver," said James Moore, an analyst at TheBullionDesk.com in London.
On Thursday, the dollar gained against the euro, but traded modestly lower against the yen -- providing a cloudy investment picture for gold. See Currencies report.
"Some year-end book squaring may emerge over the next couple of weeks," Moore said. He also said that while he believes the market will hold the $400 level, he doesn't see prices rising above $415 until early next year.
Prices could see a pullback all the way to $398 to $400, but "bargain hunter support will prevent the metal trading any lower," Moore said.
cheers gf.
Gold slips, ends above session lows
Other commodities fall; metals shares on comeback trail
By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 4:22 PM ET Dec. 11, 2003
SAN FRANCISCO (CBS.MW) -- Gold futures rebounded by more than $2 an ounce from their intraday low Thursday, and sector trackers for metals mining shares ended the session with gains of 3 percent.
CBS MARKETWATCH TOP NEWS
Dow ends past 10K, first time since May '02
FOMC in Oct.: Low inflation for 'a year or two'
Prudential; Heartland face civil fraud charges
China Life seen pricing at top of IPO range
Home Depot shares rise on $1 bln stock buyback plan
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On the New York Mercantile Exchange, gold for February delivery closed at $405.40 an ounce, down $1.60. The contract fell to a low of $403.30 earlier in the session, its lowest level since Friday.
"The bottom line is that this market will remain choppy for some time, probably through mid-January," said Brien Lundin, editor of Gold Newsletter.
By the same token, Lundin is buoyant on the outlook for metals shares, saying investors are likely to see "some exceptional buying opportunities develop."
Against this backdrop, the sector's shares moved broadly higher, attempting to break a losing streak that has spanned the three previous sessions.
The Philadelphia Gold and Silver Index (XAU: news, chart, profile) rose 2.9 percent to close at 106.01, and the CBOE Gold Index ($GOX: news, chart, profile) added 3.1 percent to 88.78. Both barometers fell by more than 4 percent on Wednesday.
The Amex Gold Bugs Index (HUI: news, chart, profile), which lost 6 percent in the previous session, climbed back by 3.4 percent to 235.38.
Among mining-index components, shares of Freeport-McMoRan Copper & Gold (FCX: news, chart, profile) closed at $44.89, up $2.02, or 4.7 percent. Agnico-Eagle Mines (AEM: news, chart, profile) added 45 cents, or 4 percent, to close at $11.70, while Harmony Gold (HMY: news, chart, profile) rose $1.09, or 7.4 percent, to close at $15.75.
Goldcorp (GG: news, chart, profile) tacked on 60 cents, or 3.7 percent, to end the session at $16.68. Goldcorp said Wednesday that it sold 8.3 metric tons of gold, which it accumulated from production and market purchases since 2001 in a bet on higher gold prices, according to Lundin.
Shares of the company fell 5.5 percent Wednesday, but the news is actually bullish for gold, Lundin said. "The company sold its holdings during the current quarter, a time when the gold price was rocketing ahead," he said.
"The sales had zero effect on the gold prices and the company has begun ... holding back 10 percent of its production from sale in anticipation of even higher prices," he added.
Gold plays off dollar
For traders in the Nymex gold pit, the "dollar is still the short-term driver," said James Moore, an analyst at TheBullionDesk.com in London.
On Thursday, the dollar gained against the euro, but traded modestly lower against the yen -- providing a cloudy investment picture for gold. See Currencies report.
"Some year-end book squaring may emerge over the next couple of weeks," Moore said. He also said that while he believes the market will hold the $400 level, he doesn't see prices rising above $415 until early next year.
Prices could see a pullback all the way to $398 to $400, but "bargain hunter support will prevent the metal trading any lower," Moore said.
cheers gf.
ajren - 12 Dec 2003 11:15 - 48 of 48
Great article - very Positive.I know I keep repeating myself but I am certain
terrorism will get worse and dollar destabilise and gold up.rgds aj
terrorism will get worse and dollar destabilise and gold up.rgds aj
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