Aluminium
Precious, base metals prices decline
by Elaine Frei
Precious metals prices were lower in New York on Thursday after the US dollar strengthened against the euro and the pound.
The dollar gained on reports showing that both retail sales and producer prices were up more than had been expected in November.
February gold dropped $14.80 to $804 per troy ounce on the Comex division of […]
Volatile year ahead for gold
by Gill Montia
VM Group, the commodity consultants, has published the latest edition of its “Yellow Book”, in conjunction with Fortis Bank.
The group is forecasting a volatile time ahead for gold, with the metal having only a small production surplus, of 123 tonnes, in 2007 (equivalent to less than two weeks’ projected consumption).
The report notes that even small […]
Copper, aluminium, nickel prices all lower
by Elaine Frei
Prices for base metals were mixed again on Wednesday, with copper again declining and zinc again seeing gains.
Copper prices fell on fears that Tuesday’s interest rate cut by the US Federal Reserve will not be enough to expand the US economy and boost demand for the metal, but losses were cut after the announcement from […]
Gold, platinum gains as silver declines
by Elaine Frei
Precious metals prices were mixed Wednesday in New York trade.
Gold saw some gains after a plan was announced for several central banks in North America and Europe to inject cash into the banking system via auctions and currency swap lines.
The gains, $1.90 to $819 per troy ounce for February contracts, came on the possibility that […]
Rio chief advocates strong independent future
by Gill Montia
The chief executive of Rio Tinto, Tom Albanese, has described BHP Billiton’s hostile takeover bid for the group as “dead in the water”.
The three-for-one share offer from the world’s largest miner values Rio Tinto at around $130 billion and Mr Albanese has long argued that it seriously undervalues the company.
However, the bid has promted Rio […]
LME copper inventories up 90 percent since July
by Elaine Frei
Base metals prices were mixed on Tuesday.
Copper prices held nearly steady, losing less than half a cent to $3.09 per pound in New York trade after falling more than 2 percent earlier in the session, while three-month copper in London dropped $5 to $6,820 per tonne, or $3.09 per pound.
London Metal Exchange copper inventories added […]
Precious metals gain ahead of Fed rate decision
by Elaine Frei
Precious metals prices were higher in New York on Tuesday ahead of the Federal Reserve’s decision to cut US interest rates by a quarter of a point to 4.25 percent, which was announced after the close of floor trade.
Prices rose on the theory that the rate cut will hurt the value of the US dollar, […]
UBS expects weakening of base markets in 2008
by Gill Montia
UBS, the global financial services firm, has reported that it expects a slowdown in the US economy in 2008 to weaken the price of base metals.
The group’s chief analyst, Joachim Klement, believes that the predicted slowdown in the US economy will lead to a fall in commodities demand as “historically, the performance of industrial metals […]
Coeur d’Alene acquires Mexican gold and silver mine
by Gill Montia
Coeur d’Alene Mines, the US primary silver and gold miner, has reported that its shareholders have approved its takeover of junior mining companies, Palmarejo Silver and Gold, and Bolnisi Gold.
The merger has already been approved by shareholders for both Palmarejo and Bolnisi, and the transaction is expected to be completed by the end of the […]
Precious metals gain; base metal prices trend downward
by Elaine Frei
Gold prices climbed in New York on Monday after the US dollar declined again in relation to the euro after indications were that the US Federal Reserve will cut interest rates when it meets this week but that the European Central Bank will raise rates soon in the face of inflation threats.
February gold added $13.30 […]
Blackstone plans Rio takeover and break-up
by Gill Montia
Reports in the UK press are claiming that Blackstone, the US private equity group, has plans to acquire and then break-up Rio Tinto.
Blackstone is apparently in the process of bringing together a consortium of bidders that will include China Investment Corp.
The latter is the Chinese sovereign wealth fund that invested $3 billion in Blackstone Group […]
GATA seeks to expose US gold reserves
by Gill Montia
The Gold Anti-Trust Action Committee (GATA) is attempting to compel the US Federal Reserve and the Treasury Department to publicise the extent of the country’s gold reserves.
GATA is a non-profit making organization that seeks to prevent gold cartels controlling the price and supply of gold and its related financial securities.
The committee is demanding sight of […]
Gold drops almost $7 in New York
by Elaine Frei
Precious metals prices fell Friday on lower prices for crude oil and as analysts and traders became less convinced that the Federal Reserve will cut US interest rates next week.
February gold was down $6.90 to $800.20 per troy ounce in New York trade, a decline of 0.9 percent.
However, gold still finished the week 1.4 percent […]
Gold/US dollar connection unravels
by Gill Montia
The connection between the gold price and the strength of the US dollar has been amply illustrated in the past few months, with many taking the view that gold is a marker of dollar devaluation or strength.
The dollar remains weak and could even fall further but analysts are suggesting that the currency’s downturn has now […]
Copper up on stockpile declines in London
by Elaine Frei
Base metals prices were mixed on Thursday.
Copper was higher, boosted by a decline in London Metal Exchange stockpiles and hopes that the US Federal Reserve will cut interest rates next week, stimulating the US economy and boosting demand.
There was still concern, however, that demand from China could decline if its government follows through on plans […]
Gold gains on euro strength over dollar
by Elaine Frei
Precious metals prices were higher in New York on Thursday after the US dollar weakened in relation to the euro.
The weakening came after the European Central Bank held interest rates steady and indicated that pressures toward inflation means that there will not be any rate cuts coming anytime soon.
In fact, remarks after the rate decision […]
Copper:Gold ratio a warning and opportunity
by Gill Montia
The copper:gold ratio (CGR) is frequently used as a tool by specialist investors and in recent months a marked divergence has occurred between the price of base and precious metals.
BCA Research, (BCA) the independent providers of global investment research, has described the situation as “rare” and an event that contains both a message and an […]
Precious metals prices drop on stronger dollar
by Elaine Frei
Metals prices were mixed on Wednesday as precious metals declined in New York as the US dollar gained on the euro, but base metals were mixed in London.
February gold on the Comex division of the New York Mercantile Exchange was $3.80 lower to $803.80 per troy ounce while March silver fell 1 cent to $14.46 […]
AngloGold Ashanti leads Tier I stocks
by Gill Montia
AngloGold Ashanti has assumed leadership of Tier I gold stocks.
The company’s share price began to rise in the summer, on the news that the company’s chief executive officer, Bobby Godsell, was leaving the company, to be replaced by Mark Cutifani.
Mr Godsell’s departure in September was followed by a review that resulted in the resignation of […]
Gold prices gain on possible interest rate cut
by Elaine Frei
Precious metals prices were higher on Tuesday in New York trade, but copper declined on continuing worries about demand.
February gold added $12.90 on the session to close at $807.60 per troy ounce on the possibility, which has grown in the past week, that the US Federal Reserve could cut interest rates when it meets later […]