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Gold futures on the COMEX Division of the New York Merc charged North to another record high Wednesday as the USD slid South, ready to assault the Key level of US$1,200 oz, Silver and Platinum also rallied. The most active Gold contract for December delivery rose US$21.20, or 2% to finish that day at the all time high of US$1,187oz. The USD slid to a new 15 month low as investors preferred high-risk currencies on Bullish US economic reports, as well as the expectations that the US Federal Reserve will keep the Key interest rate at a record low level near zero for some time to come Weighed by strong economic data, the USD index, a gauge that measures the Greenback’s value against the other major currencies, slie almost 1% to 74.445 during the morning session, hitting the weakest level since August 2008. By the end of Gold floor trading time, the index stood at 74.51. The rate against Euro also saw a lowest point of US$1.5095 in 15 months. Read more

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Gold futures on the New York Merc’s COMEX hit a fresh record high above US$1,150 Wednesday as the USD weakened. Silver finished a plus a bit, but platinum finished off a bit. The most active Gold contract for December delivery rose US$1.80 to finish at US$1,141.20 oz. Earlier in the session, the precious metal soared above US$1,150 for the 1st time and touched US$1,153.40 on the high. The USD declined Wednesday as a US Fed official said that interest rates may not rise until 2012 from the record low level near zero. The Dollar index, a gauge measuring the Greenback’s value against other major currencies, lost more than 0.3% to 75.205 when Gold pit trading closed, but the USD’s recovery in late session forced the yellow metal South. December Silver was up 2.8 cents to US$18.415 oz. and January Platinum lost US$10.50 to end the trading session at US$1,452 oz. Read more

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The Red Roadmaster’s US Market Re-cap for Monday November 16th, 2009

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Gold futures on the COMEX Division of the New York Merc set a new all time high Monday as the US$ slid to a 15 month low. Silver and Platinum followed North. The most active Gold contract for December delivery climbed US$5.70, or 0.5 percent, to finish at 1,101.40 oz. The yellow metal ran to a record high of US$1,111.70 oz earlier in the session. The US Dollar, perhaps the most important factor affecting Gold, moved sharply South after the news over the weekend that the G-20 countries will keep stimuli in place. This encouraged investors to buy high risk currencies. The dollar index, which measures the “Greenback” against a basket of foreign currencies, fell more than 1% to its lowest level of 75.025 since last August, fueling Gold’s appeal of hedge. Rising stock and energy markets provided additional support to the precious metal. The DJIA rose to new highs for the year while Crude Oil for December delivery rose about US$2.00 bbl on the New York Merc. December Silver was up 10.5 cents to US$17.48 oz and January Platinum gained US$19 to US$1,367.20 oz. Read more

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The Red Roadmaster’s US Market Re-cap for Monday November 9th, 2009

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Gold futures on the COMEX Division of the New York Merc closed a bit lower Thursday as the USD bounced off of its 14 month low. Silver and Platinum both followed. The most active Gold contract for December delivery dropped US$5.90 or 0.6%, to finish at US$1,058.60 oz. The Dollar saw a slight recovery Thursday as investors worried that China could begin to withdraw its massive stimulus in view of an 8.9% economy increase in Q-3 in order to control the potential inflation. This refueled greenback’s appeal of safe haven amid concerns of global economy recovery. By the end of Gold floor trading time, the dollar index, a gauge measuring the greenback’s value against a basket of major currencies, rose to 75.375 from the 14 month low of 75.085 Wednesday. On the jobs market, the Labor Department said workers filing for unemployment benefits for the first time rose more than expected last week. New unemployment benefits claims rose to 531,000 last week from 520,000 the previous week, higher than economists’ expectations. December Silver was down 28 cents to US$17.545 oz. and January Platinum lost US$4.50 to US$1369.90 oz. Read more

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