LadyBroadoak Visionary Planetary Healing Tutorial

September 07, 2007

Maybe the Euro is losing its power .. GOLD IS UP

The exchange-traded funds that track the prices of metals were moving roughly in line with the futures market. The streetTracks Gold Shares (GLD - Cramer's Take - Stockpickr - Rating) was up about 1%, while the iShares Silver Trust (SLV - Cramer's Take - Stockpickr - Rating) was higher by 0.8%. The PowerShares DB Base Metals (DBB - Cramer's Take - Stockpickr) was barely changed.

LONDON (Thomson Financial) - Gold rallied sharply in afternoon trade, breaking through the 700 usd level for the first time since May 2006, after US payrolls fell for the first time in four years, sparking a drop in the dollar. The precious metals surged through 700 usd per ounce within minutes of the data being released, and later set a fresh 16-month high of 704.60 usd. "It was a rather unexpected figure. With it we've gone through that 700 usd figure quite easily so it seems gold is off to the races," said Commerzbank analyst Rory McVeigh. "Gold has been gunned to take on its position as an inflationary hedge. With the numbers we're seeing today we could see it push up higher, but it is rather choppy out there." At 1.43 pm, spot gold was trading at 703.30 usd an ounce against 695.70 usd in late New York trade yesterday. Gold rose sharply yesterday, bolstered by strength in crude oil and safe haven buying after reports the Syrian military had fired on Israeli warplanes. Prices eased this morning as investors booked profits from the gains, but rallied around midday as strong demand and safe haven buying pushed prices through technical resistance levels. The market is optimistic physical demand for the metal will firm going into the seasonally strong fourth quarter, while recent turmoil in the financial markets has increased its appeal as a safe haven asset for speculative investors. "People were looking for cash, but now people are looking for a safe haven for money. They are not happy with currencies, they are not happy with the banks, so gold is providing them with that opportunity," said Simon Weeks, an analyst at Scotia Mocatta.
jan.harvey@thomson.com

Gold hits 16-month high

Reuters

Published: Friday, September 07, 2007

Gold hit a 16-month high above US$700 per ounce on Friday, boosted by a falling dollar after U.S. data showing a surprise contraction in U.S. non-farm payrolls for the first time in four years.

The dollar touched a 15-year low against major currencies after the August report showing a fall of 4,000 jobs, making dollar-denominated gold cheaper for overseas investors.

The data looked certain to increase pressure on the Federal Reserve to cut U.S. interest rates. A rate cut could weaken the currency further, as investors tend to exit the currency market and invest in other assets for better returns.

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"Gold's resilience in the face of the recent selling impressed a lot of investors and when the dollar started to weaken, people started to believe that gold had a realistic chance of moving substantially higher," said Peter Hillyard, head of metals sales at ANZ Investment Bank.

"The market is bullish. Over the coming weeks and months, we will see an attempt to take the market higher towards the US$730-US$740 area," he said.

Spot gold traded as high US$707.10 an ounce before easing to US$701.70/702.20 by 1429 GMT, against New York's late quote of US$695.70/696.30 on Thursday and a 26-year high of US$730 hit in 2006.

Bullion was also supported by strong oil prices, healthy physical demand and safe-haven buying against a backdrop of worries over problems on credit markets.

It has rebounded more than 10% since falling to a seven-week low of US$641.10 in mid-August, when investors sold gold and other metals for cash to cover margin calls on losses arising from a meltdown in the U.S. subprime mortgage market.

"The latest rise is entirely related to the surprise drop in U.S. jobs data. I think the fixed income market has dramatically increased the chances of a 50-basis-point interest rate cut," said James Steel, HSBC metals analyst in New York.

"Consequently, liquidity is surging through the gold market -- there's all round buying," he added.

Simon Weeks, head of precious metal trading at Bank Nova Scotia, said gold was also starting to break out technically in other currencies.

Gold priced in euros rose to its highest since early March, which analysts consider to be a bullish sign.

Bullion is also generally seen as a hedge against oil-led inflation and benefited on Friday from crude prices rising towards a record peak.

Oil held above US$76, within US$3 of its all-time high, as tension in the Middle East compounded supply worries after further declines in U.S. fuel inventories.

Data also showed that gold held in New York-listed StreetTRACKS Gold Shares, the world's largest gold-backed ETF, reached record high of 542.35 tonnes, up 26.91 tonnes or 5% from the start of the month.

In other metals, platinum rose to a one-month high of US$1,294.50 an ounce and was last quoted at US$1,286.50/1,293.50, against US$1,284.50/1,291.50 in the U.S. market.

Palladium was broadly steady at US$333/337 an ounce, while silver rose as high as US$12.67, the highest since August 15, before easing to US$12.38/12.43, versus US$12.42/12.46 in New York.

(Additional reporting by Clare Black in London)
© Reuters 2007

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LadyBroadoak Visionary Planetary Healing Tutorial

September 07, 2007

Gold hits 16-month high

Reuters

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