Aluminium
Gold adds over $10 on weak dollar
by Elaine Frei
Precious metals were higher in New York on Friday after the US dollar retreated yet again versus the euro.
December gold was $10.10 higher to $750 per troy ounce after going as high as $752.80 per troy ounce, the highest level for a most-active contract since January 1980 and bringing gold’s gains to 10 percent in [...]
Speculators put pressure on copper
by Gill Montia
Speculators are reported to have bought almost all the copper in London Metal Exchange (LME) warehouses, leaving the metal price exposed to strong price rises.
Some traders believe that the party or parties involved are funds, but their identity is being protected by LME confidentiality rules.
Warrants give their holders the right to own up to 129,775 [...]
Platinum in new record
by Elaine Frei
Most metals prices were higher Thursday as the US dollar again fell to a record low versus the euro, the sixth trading day in a row that the greenback reached a new low against the shared currency.
January platinum jumped $12.50 to $1,373 per troy ounce, a new record high for the metal that is used [...]
Silver Standard first mine update
by Gill Montia
Silver Standard, the Vancouver-based prospector, plans to start operations at its Pirquitas silver mine in northern Argentina, during the fourth quarter of 2008.
This will mark the transition of the company into a significant silver producer with only one mine, although the Pirquitas prospect forms part of a portfolio of Silver Standard’s properties across Argentina, [...]
Platinum higher on demand
by Elaine Frei
Precious metals prices were mixed in New York on Wednesday.
Platinum and palladium were both higher as some analysts touted platinum over gold as a safer investment.
January platinum added $2.70 to $1,360.50 per troy ounce, a new high closing price, and was as high as $1,363 per troy ounce earlier in the session , also a [...]
Yamana’s $3.56bn bid wins Meridian
by Gill Montia
Yamana Gold, which is based in Toronto, has agreed to acquire Nevada-based Meridian Gold, for Cdn$7 per share, plus 2.235 Yamana shares for each Meridian share.
The agreement, which is strongly support by Meridian’s chief executive, came after Yamana raised its hostile takeover bid to around $3.56 billion.
Yamana is also in the process of acquiring [...]
Copper drops on housing data
by Elaine Frei
Base metals prices were lower on Tuesday.
December copper was 2 cents lower to $3.63 per pound in New York on new data indicating that the housing slump in the US is getting worse.
House builder Lennar (NYSE: LEN) had its biggest loss in its history in its third quarter, while home values dropped by 3.9 percent [...]
Gold, silver prices decline in New York
by Elaine Frei
Precious metals prices were mixed on Tuesday, with gold and silver both lower even as the US dollar declined once again along with consumer confidence and existing home sales.
December gold on the New York Mercantile Exchange’s Comex division was down $10 per troy ounce early but managed to reduce declines to just 50 cents and [...]
India proposes gold import ban
by Gill Montia
Predictions of strong growth in India’s domestic jewellery market have been made by the Associated Chambers of Commerce and Industry of India, which estimates that jewellery sales will reach $20 billion by 2010 and $30 billion in 2015.
The country is continuing to experience a rapid expansion of its middle class together with rising incomes levels.
Twenty [...]
Metals prices gain as dollar declines
by Elaine Frei
Metals prices were higher Monday as the US dollar weakened again, falling for a time to a record low versus the euro.
December gold was 40 cents higher to $739.30 per troy ounce just before the close of floor trade in New York, while December silver gained 2 cents to $$13.64 per troy ounce.
October platinum was [...]
Central Bank Gold Agreement sees year end
by Gill Montia
Gold reserves held by central banks and supranational organisations as reserve assets currently stand at one fifth of global above-ground stocks of gold.
However stocks held in this way are showing a long-term decline. Despite a number of central banks increasing their gold reserves over the past 10 years, as a whole the sector has been [...]
Metals end week mixed
by Elaine Frei
Metals prices were mixed Friday.
In precious metals, December gold was down $3.90 to $736 per troy ounce in morning trade on sentiment that the recent rally has gone too far.
Near the close of floor trade in New York, gold took back some of the losses but was still 70 cents lower to $739.20 per troy [...]
$5bn Chinese loan secures DRC resources
by Gill Montia
China has agreed the terms of a $5 billion loan to the Democratic Republic of Congo (DRC); the money will be used for the development of the country’s infrastructure.
In return for the funding, which is well above other international loans secured by the DRC, China will be given rights to the country’s extensive natural resources, [...]
Copper, lead prices see gains
by Elaine Frei
Base metals were mixed on Thursday, with the price for most down.
December copper, however, added 2 cents to $3.59 per pound in New York, while three-month copper on the London Metal Exchange gained $30 to $7,915 per tonne and copper for immediate delivery was trading $48 above the three-month price.
Lead was also higher, adding $13 [...]
Precious metals in significant gains
by Elaine Frei
Precious metals prices were significantly higher Thursday as the US dollar fell to a new record low in relation to the euro and on a prediction that global gold production will drop by 10 percent to 15 percent in the next five to seven years.
December gold was as high as $746.50 per troy ounce in [...]
Ambitious predictions for gold price
by Gill Montia
The US Federal Reserve’s decision to reduce interest rates by one half of one percent created another decline in the strength of the dollar mid-week, leaving it at a 15-year low against a number currencies.
A weak dollar usually supports gold prices and not unexpectedly the metal is currently trading above $720.
The price has sparked [...]
Nickel in biggest one-day gain in 19 years
by Elaine Frei
Base metals prices saw substantial gains Wednesday as investors hoped that the US Federal Reserve’s move to cut interest rates Tuesday would provide a solution to global economic woes and raise demand for the metals.
Three-month nickel on the LME was up $3,300 to $34,050 per tonne, a gain of 11 percent after having been up [...]
Precious metals gain on US rate cut
by Elaine Frei
Precious metals prices were higher in New York on Wednesday, a day after the Federal Reserve cut US interest rates by 0.5 percent.
The gains came as investors speculated that the rate cut would weaken the US dollar and make metals a more attractive investment.
December gold added $5.80 to $729.50 per troy ounce, while December silver [...]
Nickel and copper outlook
by Gill Montia
The price of nickel has been rising recently in response to increased demand from China, which is the world’s largest consumer of the metal.
The country’s demand for nickel, which is used in the production of stainless steel, increased 35% in the seven months to the end of July 2007 and Jinchuan Group, Asia’s largest nickel [...]
Gold prices jump after Fed decision
by Elaine Frei
The price of December gold soared in New York in after hours trade following the announcement that the US Federal Reserve would cut interest rates by half a percent to 4.75 percent, surprising many analysts who believed that the cut would come but would only amount to a quarter of a percentage point.
At 2:37 p.m. [...]