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Gold flirted with and around UD$1,000 oz for more than a month, and yesterday Gold futures on the COMEX Division of the New York Mercantile Exchange rallied to a record high Tuesday, as the USD headed South to a 1 yr low on a Bearish report. The price for the most active Gold contract (December delivery) soared US$21.90, or 2.2%, to close the session at US$1039.70 oz. after taping US$1,045 shortly before the close, topping the overhead resistance of US$1,033.90 made in March 2008. After the Istanbul G-7 meeting failed to give enough support to a weak USD, the greenback headed due South Tuesday. It was reported in Great Britain that Crude Oil exporting countries in the Middle East plus some big energy consumers are considering ending the benchmark US$ in global Crude Oil trading replacing it with a basket of currencies, including the Japanese yen, Chinese Yuan, the Euro and Gold. Read more

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Gold futures on the COMEX Division of the New York Merc rallied to a one-week high Monday as the US$ went South. Silver and Platinum both ended higher too. Gold price for December delivery gained US$13.50 , or 1.3%, to finish at US$1,017.80 oz, shortly after touching the intra-day high of US$1,018.80, the highest price level since Sept. 23. The US$ fell Monday after a statement from the G-7 meeting in Istanbul, Turkey over the weekend. The seven major economies of the world said in the statement that “excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability.” This did not give much support to the greenback although investors expected a stronger statement in support of the USD. Read more

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The Group of Seven, convened again in Rome, has ceding its traditional power to rebuild the world economy to a broader body of governments that now wield greater sway over global growth., the Group of Twenty. The U.S. Treasury Secretary and European Central Bank President joined their G-7 counterparts, for the discussions but it is the G-20 that now occupies the responsibility in responding to the world financial crisis.

The shift in influence to the G-20, whose members range from the USA to China to Saudi Arabia, reflects the fact that industrial nations alone lack the resources to fix the world’s economic problems. That curbs the G-7’s scope to deliver new initiatives this week, say economists and former officials. “The world has changed,” says Paul Martin, Canada’s former prime and finance minister who attended G-7 meetings and helped establish the G-20 a decade ago. “The G-20 reflects the realities of the global economy. Its finance ministers are becoming the dominant policy-making body.”

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