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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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Red Roadmaster’s Technical Report on the US Major Market Indices for Monday October 19th, 2009 looks at: Gold, Crude Oil, Silver, Natural Gas, and Forex technical updates

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Red Roadmaster’s Technical Report on the US Major Market Indices for Monday October 12th, 2009 looks at: Gold, Crude Oil, Silver, Natural Gas, and Forex technical updates

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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 Red Roadmaster’s September 21st, 2009 Market Update looks at Crude Oil, Natural Gas, Gold, Silver and Forex Updates

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